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

272 –confirmed that the various methods adopted are considered to belegitimate and equivalent for the shareholders. The Statutory AuditCommittee accordingly decided there were no grounds for pursuing thematter further.The fourth complaint referred to the lack of an insurance policy tocover the fine applied by Consob with respect to the Seat-PagineGialle case.The Statutory Audit Committee noted that the fine, which was appliedto the company and not the Board of Directors, was not an insurablerisk as it constituted an administrative sanction. The Statutory AuditCommittee accordingly decided there were no grounds for pursuing thematter further.Fifthly, the Statutory Audit Committee was asked to check whether theDirectors’ duties included knowing the remuneration paid to theChairman of a Group company, with reference in particular to theemolument receivable by Cesare Geronzi in respect of his position asChairman of Assicurazioni Generali.The Statutory Audit Committee, having noted that the Board ofDirectors of Mediobanca has no jurisdiction in matters for which thegoverning bodies of Assicurazioni Generali are responsible,accordingly decided there were no grounds for pursuing the matterfurther.The sixth complaint regarded the alleged unfairness of the book valuesfor the Group’s shareholdings in RCS and Telco reflected in theaccounts for the period ending 30 June 2010, vis-à-vis theirrecoverable value.The Statutory Audit Committee ascertained that the book values hadbeen subject to impairment tests in accordance with the criteriaestablished by the accounting standards and in compliance with theprocedure conforming to said standards approved by the Board ofDirectors as required by the joint Consob-Bank of Italy-ISVAP circularissued on 3 March 2010. The criteria adopted in applying theimpairment tests had been examined specifically by the InternalControl Committee, the Statutory Audit Committee and the ExternalAuditors. The Statutory Audit Committee accordingly decided therewere no grounds for pursuing the matter further.The seventh complaint regarded the alleged breach of IAS 24 andArticle 2391 bis of the Italian Civil Code in respect of the resolutionadopted by the Board of Directors of Mediobanca on 18 September2009 altering the scope of transactions with related parties.