We have adopted a succession plan for the Managing Director and Group CEO to be implemented in the event of an early termination of his term of office.
The Board, upon Appointments and Remuneration Committee’s proposal and after hearing the Corporate Governance, Social and Environmental Sustainability Committee, approved a policy that defines the succession process for the Managing Director and Group CEO.
In the event of an early termination or of an even temporary impediment to perform his functions, the Policy states that the Chair shall replace on an interim basis the Managing Director and Group CEO for as long as necessary to enable the Board to choose, with the support of the Appointments and Remuneration Committee, the new Managing Director and Group CEO.
The Board also defines, upon proposal by Managing Director and Group CEO and after hearing the Appointments and Remuneration Committee, the succession plan for the GMC members and the development and management policies for the GLG resources, who are the key managerial figures of the Company and the Group.
 2016 Annual Report – the 4th Report on the compliance with the Corporate Governance Code highlights that only 27% of FTSE-Mib companies adopt a succession plan.