Report on corporate governance and ownership 2011 - Indesit


<strong>Report</strong> on corporate governance and ownership at 21 March 2012 on 2011 
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,
washer-dryers, 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’s turnover was around E2.8 billion
in 2011. To date, the Group has 14 production facilities (in Italy, Poland, the UK, Russia and Turkey) and
around 16,100 employees. The Group’s main brands are Indesit, Hotpoint and Scholtès.
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This <strong>Report</strong> 1 was approved by the Board meeting on 21/3/2011. 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 <strong>Report</strong> 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 <strong>Report</strong> 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 reporting process, pursuant to art. 123-bis, clause 2, TUIF.
Certain words starting with a capital letter have the meanings attributed to them in the Glossary.
1. Drawn up in accordance with Borsa Italiana guidelines issued in February 2003, and the “Guide to compiling corporate
governance reports” 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 <strong>Report</strong>, the Company also took into consideration Borsa Italiana’s “Format for
corporate governance reporting” and recent legislation on the remuneration of executives with strategic responsibilities.
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