Our conditions for ensuring that Related Party Transactions are carried out in compliance with procedural and substantial correctness.
Even before listing its shares in the stock market, TERNA and its subsidiaries decided to lay the foundation for ensuring that related party transactions were carried out in compliance with the principles of procedural and substantial correctness, in its own interest, and as a duty to the market. Since February 22, 2007, implementing the provisions of the new Corporate Governance Code, TERNA defined these conditions with a specific procedure approved by the Board of Directors and submitted in advance to the Internal Control Committee.
On November 12, 2010, the Company adopted new Provisions (“Provisions relating to transactions with related parties”), in force as of January 1, 2010, pursuant to Provisions relating to transactions with related parties (Consob Regulation no. 17221 of 12 March 2010, as amended by resolution no. 17389 of 23 June 2010) and to the Civil Code and to the Corporate Governance Code.
Terna SpA’s Board of Directors attributed to an ad-hoc Related Party Transactions Committee formed by independent Directors the advisory and propositional functions established by the Procedure for Related Party Transactions. Coordinator Mr Salvatore Machì