Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

vii)Finance Act, in the course of which the Statutory AuditCommittee received information on developments involvingthe Group companies considered to be significant;review of the activities performed by the External Auditors,and analysis of the results of their work;viii) taking part in meetings of the Internal Control Committee, anddealing with issues in conjunction with it where necessary.No irregularities emerged from our activity such as may beconsidered to be indicative of major inadequacies in the internalcontrol system;f) met regularly with the heads of the External Auditors, includingwith reference to Article 150, paragraph 2, of the ItalianConsolidated Finance Act, during the course of which no facts orsituations emerged that would require inclusion in this report;g) monitored the methods utilized in complying with the Code ofConduct issued by Borsa Italiana and adopted by Mediobanca asillustrated in the Annual Report on Corporate Governance. TheStatutory Audit Committee also checked that the proceduresestablished by the Board of Directors for ascertaining theindependence of its members have been applied, and checked thecriteria laid down by the Code of Conduct in respect of its ownmembers’ independence have been complied with;h) viewed and obtained information regarding the organizational andprocedural activity implemented in compliance with ItalianLegislative Decree 231/01 regarding corporate administrativeliability. The supervisory body reported on the activities performedby it during the year ended 30 June 2011, without highlighting anycritical issues worthy of note;i) ascertained that the flows provided by the Group’s non-EUcompanies are sufficient to carry out supervision of the annual andinterim accounting situations, as required by Article 36 of theRegulations for Markets;j) followed the inspection carried out by the Bank of Italy during theyear, to assess the state of progress in implementing a credit riskmanagement system based on internal ratings, and check that themeasures taken in response to the previous inspection wereadequate. After the inspection, recommendations were made onaction required to upgrade the Bank’s organizational structure interalia in relation to the diversification of the Group’s activities inprogress. The Statutory Audit Committee is systematically– 269