In accordance with the by-laws, the Board of Directors: (i) appoints a CEO; (ii) may assign proxies to the Chairperson, with the shareholder’s approval, with respect to issues that may be delegated by law; (iii) sets up committees, where necessary, to provide consultation and make proposals (two committees were set up in FS S.p.A.: the Remuneration and Appointment Committee and the Audit, Risk Control and Corporate Governance Committee); (iv) appoints the Manager in charge of financial reporting.