Corporate Governance

The Corporate Governance refers to the system by which a company is governed and controlled. The Governance structure identifies the assignment of rights and responsibilities of the different subjects of a company. The Iveco – Oto Melara Limited Liability Consortium Company, as a company under the Italian Law, is composed of the following bodies: QUOTAHOLDER’S’ MEETING is a meeting held at least yearly, for the approval of the yearly financial statements. The QUOTAHOLDERS MEETING also appoints the BOARD OF DIRECTORS members and the BOARD OF STATUTORY AUDITORS for a three year period. BOARD OF DIRECTORS is the body in charge of overseeing the activities of the Company. Among its duties, the Board of Directors governs the company by establishing broad policies and objectives, selects, appoints, supports and reviews the performance of the Chairman of the Board and the Vice Chairman of the Board, which are the chief executive officers of the Company, ensures the availability of adequate financial resources and approves annual budgets.

BOARD OF STATUTORY AUDITORS is responsible for oversight of compliance with law, respect of principles of proper management and, in particular, the adequacy of the internal control and risk management system and effective functioning of the Company’s organizational, administrative, and accounting structure. COMPLIANCE BOARD is appointed by the BOARD OF DIRECTORS and is responsible for the compliance of the Company’s activities to the Company’s procedures, Code of Ethics and applicable laws and in particular to D.Lgs. 231/01. The Governance system is completed by the implementation of the Organization, Management and Control Model where the activities of the different organizational and operative offices are described.

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