Directors’ interests and related-party transactions

During 2012, the Board of Directors approved – following approval of the Control and Risks Committee (composed solely of independent directors), the Board of Statutory Auditors and the Corporate Accounting Reporting Officer – the adaptation of the “Procedure for related-party transactions” to the “New prudential supervisory provisions for banks” dated 9 December 2011. The new procedure became effective on 31 December 2012.

The “Procedure”, which describes the criteria for identifying the transactions that must be approved by the Board after receiving the opinion (or after involvement) of the Control and Risks Committee, is available on the Website (in the section “Corporate Governance – Corporate documents”).

The Board has not found any need for further operating solutions to facilitate identification and appropriate management of situations in which a director has an interest on his/her own account or that of third parties.

Gruppo Banca IFIS
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