2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
The Chairman and the Executive Deputy Chairman are also included among the executive directors in relation
to the duties and powers granted thereto.
The Board also granted the Executive Committee all its powers except those that pursuant to the Civil Code
and the By-laws may not be delegated. The resolutions of the Executive Committee are reported to the Board
of Directors at its next meeting.
The consistency of direction and coordination of activities is ensured by the presence of the Chairman, of the
executive Deputy Chairman, of the Executive Director and of the Chief Operating Officer, of directors and
Company managers on the Boards of Directors of the main subsidiaries.
Division of responsibilities and delegation of powers
The granting of powers (including those to the Chief Operating Officer) is based on the principle of division of
powers.
The delegation of powers, i.e. the assignment of operating powers to one or more persons and/or the
Executive Committee, does not exclude the competence of the Board of Directors, which in any case holds a
superior steering and controlling power over the Company’s general activities as to its various components.
Among the 6 members of the Executive Committee, three are executive directors; as to the remaining, two of
whom independent, they are considered, however, non-executive directors, as the Company’s Executive
Committee meets without any regularity and, in fact, exclusively to address the timely examination of certain
transactions and for the adoption of the relevant resolutions. The Code also shares this interpretation provided
that, as in this case, the director, a member of the Executive Board, is not given individual executive powers.
Within the Board of Directors, the allocation of powers is as follows:
• to the Executive Committee, consisting of six members, all the powers of the Board of Directors, except for
those which the Italian Civil Code and the By-laws do not allow to be delegated. As specified at the time of
its appointment, the resolutions of the Executive Committee must be reported to the next Board of Directors’
meeting;
• to the Chairman, Mr. Giampiero Pesenti, considering his role in the holding company and his consolidated
experience in the Company industry, among other duties and in addition to the powers set out by the
Company By-laws and by the other Corporate Governance Codes, the duties to oversee application of the
Corporate Governance principles approved by the Board of Directors and to propose any amendment to
them; indicate general strategic guidelines for Group business; specify the general policies for annual and
interim financial statements as well as the general financial policies of the Group; approve the most
important organizational changes (regarding both Italcementi and the main direct or indirect subsidiaries)
upon proposals of the Chief Executive Officer or of the Chief Operating Officer; approve the significant
changes to the Group’s corporate structure; approve, for further submission to the Board of Directors or the
Executive Committee, the most important transactions regarding acquisitions, disposals, capital expenditure,
development in new initiatives and, generally, extraordinary transactions; indicate general policies for
recruiting, training and managing staff and determine, also upon proposals of the Chief Executive Officer, the
recruitment, remuneration (after consulting the Remuneration Committee and receiving the approval of the
Board of Directors where envisaged), promotions, transfers, suspensions, termination or contract review for
senior managers of the Group in Italy and in the other Countries where the Group operates; deal with
external communication.
In addition, besides the powers needed to carry out the assigned duties, the Chairman has been granted
powers to undertake securities and real estate transactions, with a limit of 50 million euro for each individual
operation with single signature and 75 million euro with joint signature with the Chief Executive Officer or the
Chief Operating Officer;
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