Board Statutory Auditors

The Board of Statutory Auditors oversees compliance with laws, regulations and by-laws, with principles of good management and, especially, the adequacy of the administrative, organizational and accounting structure adopted by the Company as well as its actual operations and the adequacy and efficiency of the risk management and control system.

The Board of Statutory Auditors is an integral part of the overall internal control system and it performs the duties for which it is responsible under the supervisory regulations of Banca d’Italia which apply to Poste Italiane for BancoPosta's business.

Moreover, pursuant to Legislative Decree No. 39/2010, the Board of Statutory Auditors, as the responsible committee for the internal control and audit of accounts, monitors: (i) the process for financial disclosure; (ii) the effectiveness of the internal control system, the internal accounting audit system, if applicable, and the risk management system; (iii) the auditing of the annual and consolidated financial statements; and (iv) the independence of the external auditing firm, especially in relation to the provision, by the auditing firm, of non-accounting services.

The Board of Statutory Auditors currently in office was appointed by the ordinary Shareholders' Meeting held on May 24, 2016 for a term of three financial years. The Board's mandate will therefore expire at the Shareholders' Meeting to be convened for the approval of the financial statements for the year ending December 31, 2018.