Report on corporate governance and ownership 2011 - Indesit

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<strong>Report</strong> on corporate governance and ownership at 21 March 2012 on 2011 – Annex IV. Standardization of administrative and accounting procedures Since 2009, the Group has applied an obligatory procedural standard to meet the following needs: • to ensure uniformity of content in all corporate procedures by providing an obligatory template and indicating the minimum information content for each type of document (guidelines, procedures, instructions, specifications, modules, etc.) in terms of responsibilities, timings and points of control within the process; • to have formal judgements on conformity to the procedures relevant for the purposes of the Investor Protection law 19 ; • to guarantee univocal in document management by filing in a special repository accessible to everyone; • to establish a chain of official approval (with a traceable digital signature system) for each procedure. In 2011, 104 procedures relevant for the purposes of the Investor Protection law were published in observance of the new standards. In 2012, existing procedures will continue to be updated (also in terms of checking compliance with the Investor Protection law). b) Information flows between functions To favour rational and efficient co-operation between the subjects involved in the ICS and guarantee a systematic and timely flow of information between the DP, boards of directors and control bodies within the framework of the ICS, the interrelations, spheres of operation and reporting flows between such bodies have all been properly defined. Administration and control bodies The DP reports to the CEO on a continual basis, also verbally, regarding: • the ways in which management and control of the process of drawing up accounting documents are carried out; • critical issues; • plans and actions to overcome problems, and the results obtained; • any insufficiency of means or resources available. The DP reports annually to the Board, and with different frequencies to the ICC and the Statutory auditors, on the conformity of the financial reporting control system and on accounting aspects within his brief, also for the purpose of establishing useful flows of information with such bodies, co-ordinating their respective control activities and also focusing the DP’s own efforts on the areas deemed most at risk. The DP must also report to the control bodies and the Board at any time, either directly or through the CEO, in the event that 1) he or she is no longer able to fulfil his or her tasks or 2) about any anomaly, 19. Analysis of the importance of each procedure for the purposes of the Investor Protection law and the consequent integration, revision or redrafting activities are carried out by GAP; all procedures relevant for the purposes of the Investor Protection law must be approved by the DP. 42
<strong>Report</strong> on corporate governance and ownership at 21 March 2012 on 2011 – Annex deficiency and criticality of the administrative/accounting system, deemed particularly if relevant and 3) to signal facts of a critical nature that might require urgent decisions on the part of such bodies. The Board, the ICC and the Statutory Auditors may ask the DP to report to them on matters within his or her sphere of competence. In 2011, the DP took part in two joint ICC/statutory auditors meetings and reported to the Board on his activities in their meeting in October. The DP has access to all the documents that impact on the Company’s income, equity and financial position. The DP liaises with the independent auditors concerning assessment of controls relating to administrative and accounting processes. Internal Audit The 3 rd level monitoring mentioned above is only a part of the wide-ranging working relationships between the DP and the Internal Audit function, which include: • ongoing consulting on the analysis activities of the ICS over financial reporting, as well as on the adequacy of the controls implemented; • signalling of critical areas found during their work that could impact on the ICS regarding processes deemed sensitive by the DP and relative remedial actions; • checks requested by the DP to support assessments of the adequacy and efficiency of administrative/accounting procedures. 43
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Report on corporate governance and ownership 2011 - Indesit

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