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

Type of serviceRecontaErnst & Young€mRecontaErnst & Youngnetwork€mStatements 97 3Other services: 85 150Total 182 153Given the mandates conferred on Reconta Ernst & Young S.p.A. andits network by Mediobanca S.p.A. and the other Group companies, theStatutory Audit Committee does not consider that there are any criticalissues arising with respect to the external auditor’s independence;d) no external opinions have been expressed by the External Auditorsas required by law in the course of the financial year under review,in the absence of any grounds for such opinions.3. During the twelve months under review, a total of eight complaintspursuant to Article 2408 of the Italian Civil Code have been received:The first complaint, referring to the fine applied to Mediobanca inrespect of Consob-Seat Pagine Gialle in August 2010, involved thealleged lack of adequate internal control procedures and the absenceof appropriate disciplinary action and stricter organizational measures.The Statutory Audit Committee had already ascertained that the finederived from the conduct of individual traders rather than from inadequateprocedures. Disciplinary measures had been taken against the tradersinvolved in the case. The Statutory Audit Committee accordingly decidedthere were no grounds for pursuing the matter further.The second complaint regarded the reasons supplied by the directorswho did not take part in the general meeting held on 28 October 2010.The Statutory Audit Committee noted that there is no obligation ondirectors to take part in general meetings, and those who were absenthad sent notice in good time of their intention not to attend. TheStatutory Audit Committee accordingly decided there were no groundsfor pursuing the matter further.The third complaint regarded alleged improper treatment of the profitattributable to treasury shares relative to a resolution adopted in aprevious year.The Statutory Audit Committee referred to the comments on this issuecontained in the annual report for the year ended 30 June 2009, and– 271