The board of statutory auditors is appointed by the shareholders’ meeting and is responsible for ensuring compliance with the applicable laws and regulations and the articles of association as well as management control.
The current board of statutory auditors was appointed on 30 April 2014, and will remain in office until the approval of the 2016 financial statements.
The board of statutory auditors consists of three permanent and two substitute auditors. Each member of the board of statutory auditors is requested to have the same independents qualifications set for independent directors. Checks are performed to ensure that the statutory auditors meet these criteria both at the time of their appointment and subsequently on an annual basis; the results are included in the corporate governance report.
The board of statutory auditors is now also responsible for monitoring the independence of the auditing firm, verifying compliance with applicable regulations and the extent and nature of services other than the accounting control provided to Generali and its subsidiaries.
In addition, the corporate governance code gives the statutory auditors the power to verify the proper application of the criteria and assessment procedures adopted by the board of directors to evaluate the independence of its members.
The board of statutory auditors generally meets according to the schedule of its audit activities and whenever deemed necessary by its chairman.
Composition of the board
The current board was appointed using a slate system at the shareholders’ meeting 2014 and will remain in office for three years. In accordance with the slate voting system, the board of statutory auditors consists of three permanent and two substitute auditors, who may be re-elected. Its chair and one of the substitute auditors are elected from the minority slate.
Statutory auditors may not be elected – or, if elected, shall forfeit their office – if they are found to be in situations of incompatibility as identified by law or if they exceed the limits on simultaneous offices established by the applicable legislation. All permanent and substitute statutory auditors must meet the requirements established by law.
In accordance with gender equality regulations, the board comprises three female members (the chair, one permanent auditor and one substitute auditor).
For information on statutory auditors' shareholdings, see the shareholdings section.