Information on corporate governance and ownership structure
Information on corporate governance and ownership structure
Information on corporate governance and ownership structure
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
130Snam Annual Report 2012 / Report <strong>on</strong> <strong>corporate</strong> <strong>governance</strong> <strong>and</strong> <strong>ownership</strong> <strong>structure</strong>The compositi<strong>on</strong> <strong>and</strong> functi<strong>on</strong>s of Team 231 have recently been modified in order to include theactivities required for identifying <strong>and</strong> organising the update of Model 231 by Snam <strong>and</strong> subsidiaries,following the approval of Law 190 of 6 November 2012 “Anti-corrupti<strong>on</strong> Law – Provisi<strong>on</strong>s for thepreventi<strong>on</strong> <strong>and</strong> repressi<strong>on</strong> of corrupti<strong>on</strong> <strong>and</strong> illegality in administrati<strong>on</strong>”.The Supervisory Body of Snam c<strong>on</strong>sists of the Head of HR, Organisati<strong>on</strong> <strong>and</strong> Security, the InternalAuditor, the Head of Compliance <strong>and</strong> Assurance <strong>and</strong> two external members, <strong>on</strong>e of whom acts asChairman.Anti-corrupti<strong>on</strong> Management System GuidelinesWith its resoluti<strong>on</strong> of 9 February 2011, the Snam Board of Directors authorised the Chief ExecutiveOfficer to adopt <strong>and</strong> update the MSG regarding compliance with reference, inter alia, to issuesc<strong>on</strong>nected to the fight against corrupti<strong>on</strong>.The Anti-corrupti<strong>on</strong> MSG adopted by Snam <strong>on</strong> 13 July 2012 cancel <strong>and</strong> replace eni Circular 377 of12 November 2009 named “Anti-corrupti<strong>on</strong> guidelines”, adopted by the Board of Directors of Snam<strong>on</strong> 10 February 2010, in line with the Snam Code of Ethics, which prohibits corrupti<strong>on</strong> without anyexcepti<strong>on</strong>s, including between private parties.In additi<strong>on</strong> to avoiding significant penalties, the purpose of the policy is to protect <strong>and</strong> promoteSnam’s reputati<strong>on</strong> by introducing a specific system of rules designed to ensure that the Companycomplies with the best internati<strong>on</strong>al st<strong>and</strong>ards in the fight against corrupti<strong>on</strong>.The adopti<strong>on</strong> <strong>and</strong> implementati<strong>on</strong> of the Anti-corrupti<strong>on</strong> MSG is m<strong>and</strong>atory for Snam <strong>and</strong> itssubsidiaries, which have implemented it through a Board of Directors resoluti<strong>on</strong>.The “Anti-Corrupti<strong>on</strong>” regulatory <strong>and</strong> procedural system was reviewed as part of the update of Model231, in relati<strong>on</strong> also to the provisi<strong>on</strong>s of Law 190/12 (anti-corrupti<strong>on</strong> law) <strong>and</strong> the UK Bribery Act (inrelati<strong>on</strong> to Snam’s investments abroad, <strong>and</strong> Great Britain in particular).Antitrust Code of C<strong>on</strong>ductOn 3 August 2012, Snam adopted the “Antitrust Code of C<strong>on</strong>duct” (hereinafter the “Antitrust Code”)Management System Guidelines, which all employees of Snam <strong>and</strong> its subsidiaries must comply withto ensure that Snam <strong>and</strong> its subsidiaries comply with the principles set forth <strong>on</strong> antitrust regulati<strong>on</strong>s.Snam subsidiaries implemented the Antitrust Code into their own system of regulati<strong>on</strong>s.The antitrust code is <strong>on</strong>e of the initiatives of the Snam Group which aim to promote the developmentof a <strong>corporate</strong> culture that protects competiti<strong>on</strong> <strong>and</strong> sets up systems <strong>and</strong> procedures that reduceantitrust violati<strong>on</strong>s to a minimum level, as part of the broader compliance initiatives (Model 231, fightagainst corrupti<strong>on</strong>, <strong>corporate</strong> ethics, etc.).In particular, given that the main risks that a company can experience as a result of violati<strong>on</strong>s of theantitrust laws include (i) pecuniary administrative sancti<strong>on</strong>s; (ii) liability for compensati<strong>on</strong> payable fordamages caused to third parties due to antitrust violati<strong>on</strong>s; (iii) damage to a company’s image; <strong>and</strong> (iv)a potentially negative impact <strong>on</strong> the prices of the securities traded <strong>on</strong> regulated markets, an antitrustcompliance programme was created following analysis of the best internati<strong>on</strong>al practices in terms ofantitrust issues which is developed through:(i) adopti<strong>on</strong> of the Antitrust Code which provides, in a simple yet exhaustive form, the detailedguidelines <strong>and</strong> code of c<strong>on</strong>duct to follow in relati<strong>on</strong> to antitrust issues, with particular reference tothe sectors of activity that are applicable to the Snam Group;(ii) specific communicati<strong>on</strong>s <strong>and</strong> training initiatives for all employees which aim to ensure awareness,effectiveness <strong>and</strong> correct implementati<strong>on</strong> of the Code;(iii) the establishment within Snam’s Legal <strong>and</strong> Corporate Affairs <strong>and</strong> Compliance Divisi<strong>on</strong> of anAntitrust Unit which will support <strong>and</strong> assist in the applicati<strong>on</strong> of the Code;Snam Annual Report 2012