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

monitoring the initiatives being implemented by the company inresponse to these recommendations.The Statutory Audit Committee did not issue any opinions required by law.The Statutory Audit Committee met on a total of 31 occasions, 9 ofwhich in conjunction with the Internal Control Committee. It has alsotaken part in 9 meetings of the Board of Directors and 12 ExecutiveCommittee meetings, and has met with the Statutory Audit Committeesof the other Group companies and the supervisory body establishedpursuant to Italian Legislative Decree 231/01. The Chairman of theStatutory Audit Committee has also taken part in the RemunerationsCommittee meetings.With regard to the information it has received, the Statutory AuditCommittee considers that the Group’s activities have been conductedin compliance with the principles of proper management, and that itsorganizational structure, its internal control system andaccounting/administrative procedures as a whole are adequate for thecompany’s requirements.2. With reference to relations with the External Auditors, the StatutoryAudit Committee reports that:a) on 30 September 2011 External Auditors Reconta Ernst & YoungS.p.A., charged with the duties of legal audit of the company’sindividual and consolidated financial statements pursuant to aresolution adopted by shareholders at an ordinary general meetingheld on 28 October 2006, issued the reports required by Article 14of the Italian Legislative Decree 39/10, stating that the individualand consolidated financial statements for the financial year ended30 June 2011 have been drawn up transparently and constitute atruthful and proper reflection of the company’s and Group’s capitaland financial situation, their earnings results, changes to their netequity and cash flows during the year under review;b) on the same date the External Auditors also submitted their reportprepared in accordance with Article 19 of Italian LegislativeDecree 39/10 to the Statutory Audit Committee, which revealed noshortcomings or irregularities worthy of note;c) in addition to the duties prescribed by regulations for listedcompanies, External Auditors Reconta Ernst & Young S.p.A. andthe other companies forming part of its network have received othermandates, the fees paid in respect of which have been recognizedin the consolidated profit and loss as follows:270 –