Annual report on corporate governance and the ownership ... - Indesit

INTRODUCTION
The Group headed by IndesitCo, founded in 1975 and listed on the Milan stock exchange since 1987, is one
of Europe’s leading manufacturers and distributors of large home appliances (washing machines, washerdryers,
dishwashers, fridges, freezers, cookers, hoods, ovens and hobs). It is the undisputed leader in major
markets such as Italy, the UK and Russia. The Group turnover was around €2.9 billion in 2010. The Group
has 16 production facilities (in Italy, Poland, the UK, Russia and Turkey) and around 16,000 employees. The
Group’s main brands are Indesit, Hotpoint and Scholtès.
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This Report 1 was approved by the Board meeting on 22 March 2011. Its purpose is to provide a full
description of the corporate governance model adopted by the Company at the date of its publication. To
this end the Report is in two parts:
1) the first is a brief disclosure of the governance system;
2) the second is an analytical comparison between the model of governance actually adopted by the
Company and the provisions of the Code.
IndesitCo’s corporate governance system is substantially in line with the principles set forth in the Code. The
second part of the Report illustrates current compliance with the provisions of the Code (which represents
best practice in Italy in this matter) and also explains the reasons for the departures (only a limited number)
therefrom.
Annex 1 sets forth the main characteristics of the existing risk management and internal control systems in
relation to the financial <strong>report</strong>ing process, pursuant to art. 123-bis, clause 2, TUIF.
Certain words starting with a capital letter have the meanings attributed to them in the Report’s glossary.
1. Drawn up in accordance with Borsa Italiana guidelines issued in February 2003, and the “Guide to compiling corporate governance
<strong>report</strong>s” published in February 2004 by Assonime and Emittenti Titoli S.p.A. integrated with the information required by art.
123–bis, TUIF. In drafting the Report, the Company also took into consideration Borsa Italiana’s “Format for corporate governance
<strong>report</strong>ing”.
6 Report on corporate governance and ownership at 22 March 2011 on 2010