RENANTIS S.P.A COURTESY TRANSLATION ONLY
MADE BY AN AUTHOMATIC TRANSLATION SYSTEM
REPORT ON CORPORATE GOVERNANCE AND
OWNERSHIP STRUCTURE 2021
pursuant to art. 123-bis of Legislative Decree no. 58 of February 24, 1998
Issuer: Falck Renewables S.p.A.
Year to which the Report refers: 2021
Date of approval of the Report: March 10, 2022
FALCK RENEWABLES
0
www.falckrenewables.com
GLOSSARY ........................................................................................................................... 3
INTRODUCTION .................................................................................................................... 4
1. ISSUER PROFILE ............................................................................................................... 5
2. INFORMATION ON SHAREHOLDERS' EQUITY (pursuant to article 123-bis, paragraph 1 of the
Consolidated Law on Finance) AS OF 31 DECEMBER 2021 AND CHANGES AFTER THE END OF
THE FINANCIAL YEAR .................................................................................................... 7
a) Capital Structure .................................................................................................... 7
b) Restrictions on the transfer of securities ................................................................... 8
c) Significant shareholdings in the capital .................................................................... 8
d) Securities conferring special rights ........................................................................... 9
e) Employee stock ownership: mechanism for exercising voting rights ............................. 9
f) Restrictions on voting rights .................................................................................... 9
g) Share holder agreements ....................................................................................... 10
h) Change of control clauses and statutory provisions on takeover bids ............................. 10
i) Powers to increase share capital and authorisations to purchase own shares ............... 10
l) Management and coordination activities .................................................................. 11
3. COMPLIANCE ................................................................................................................... 11
4. BOARD OF DIRECTORS ..................................................................................................... 11
4.1. ROLE OF THE BOARD OF DIRECTORS ........................................................................ 11
4.2 APPOINTMENT AND REPLACEMENT ......................................................................... 13
4.3. COMPOSITION ...................................................................................................... 14
4.3.1. Diversity Criteria and Policies .............................................................................. 16
4.3.2. Maximum accumulation of positions held in other companies ................................. 16
4.3.3. Induction Programme ......................................................................................... 17
4.4. FUNCTIONING OF THE BOARD OF DIRECTORS .......................................................... 17
4.5. ROLE OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ........................................... 18
4.5.1. Secretary of the Board of Director ......................................................................... 19
4.6. EXECUTIVE DIRECTORS .......................................................................................... 19
4.6.1. Managing Directors ............................................................................................. 19
4.6.2. Chairman of the Board of Directors ....................................................................... 20
4.6.3. Disclosures to the Board by Directors/Delegated bodies .......................................... 21
4.6.4 Other Executive Directors .................................................................................... 21
4.7. INDEPENDENT DIRECTORS AND LEAD INDEPENDENT DIRECTORS .............................. 21
4.7.1 Lead Independent Director .................................................................................... 22
5. MANAGEMENT OF CORPORATE INFORMATION ................................................................... 22
6.1 Additional Committees - SUSTAINABLE STRATEGY COMMITTEE ......................................... 24
7. SELF-EVALUATION AND SUCCESSION OF DIRECTORS - NOMINATION COMMITTEE ................. 25
7.1 SELF-ASSESSMENT AND DIRECTOR SUCCESSION .............................................................. 25
7.2 NOMINATION COMMITTEE .............................................................................................. 26
8. REMUNERATION OF DIRECTORS - REMUNERATION COMMITTEE ........................................... 26
8.1 REMUNERATION OF DIRECTORS ...................................................................................... 26
8.1.1. Remuneration policy ................................................................................................. 26
8.1.2. Remuneration of Executive Directors and top management ........................................... 26
8.1.3. Share-based compensation plans ............................................................................... 27
8.1.4. Remuneration of non-executive directors .................................................................... 28 1
8.2 REMUNERATION COMMITTEE .......................................................................................... 28
8.2.1 Composition and functioning of the Remuneration Committee ................................. 28
8.2.2 Functions of the Remuneration Committee ............................................................ 28
9. INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM - CONTROL AND RISK COMMITTEE .30
9.1. CHIEF EXECUTIVE OFFICER ............................................................................................ 33
9.2. CONTROL AND RISK COMMITTEE ................................................................................... 33
9.2.1 Composition and functioning of the Control and Risk Committee .............................. 33
9.2.2. Functions assigned to the Control and Risk Committee .......................................... 34
9.3. HEAD OF THE INTERNAL AUDIT FUNCTION ..................................................................... 35
9.4. ORGANISATIONAL MODEL pursuant to Legislative Decree 231/2001 .................................. 36
9.5. AUDITING COMPANY ............................................................................................. 37
9.6. MANAGER IN CHARGE OF DRAWING UP THE CORPORATE ACCOUNTING DOCUMENTS
AND OTHER CORPORATE ROLES AND FUNCTIONS .................................................... 38
9.6.1 Risk Management ................................................................................................ 39
9.7 COORDINATION BETWEEN THOSE INVOLVED IN THE INTERNAL CONTROL AND RISK
MANAGEMENT SYSTEM ......................................................................................... 39
10. DIRECTORS' INTERESTS AND TRANSACTIONS WITH RELATED PARTIES ............................... 40
11. BOARD OF STATUTORY AUDITORS .................................................................................. 41
11.1 APPOINTMENT AND REPLACEMENT ............................................................................... 41
11.2 COMPOSITION AND OPERATION .................................................................................... 43
12. RELATIONS WITH SHAREHOLDERS .................................................................................. 44
13. SHAREHOLDERS' MEETINGS ............................................................................................ 45
14. ADDITIONAL CORPORATE GOVERNANCE PRACTICES ......................................................... 47
14. 1 Whistleblowing" reporting system ......................................................................... 47
15. MORE INFORMATION ..................................................................................................... 47
15.1 Regulatory simplification adopted by CONSOB: adherence to the OPT-OUT regime ............. 47
16. CHANGES SINCE THE END OF THE REPORTING PERIOD ..................................................... 47
17. SUMMARY TABLES ....................................................................................................... 49
17.1. Table 1: Structure of the Board of Directors and Committees as of December 31, 2021. 49
17.2. Table 2: Structure of the Board of Statutory Auditors ............................................... 51
17.3. Annex A) to the Report on Corporate Governance and Ownership Structure ............... 52
17.4. Annex B) to the Report on Corporate Governance and Ownership Structure ................ 53
GLOSSARY
Code/CG Code: the Corporate Governance Code for Listed Companies approved in January 2020 by the Corporate Governance Committee.
CG/Corporate Governance Committee: the Italian Committee for the Corporate Governance of listed companies, promoted by Borsa Italiana S.p.A., ABI, Ania, Assogestioni, Assonime and Confindustria.
Non-Financial Statement: the Consolidated Statement of a Non-Financial Nature prepared in implementation of European Directive No. 2014/95/EU, transposed into national law by Legislative Decree No. 254/2016
Executive Officer: Manager responsible for preparing the company's financial reports Financial year/year 2021: the company's financial year 2021
Group: Falck Renewables S.p.A. together with its subsidiaries
Model: the Organization and Management Model pursuant to Legislative Decree 231/2001
Issuers' Regulations: the Regulations issued by Consob with Resolution no. 11971 of 1999 (as subsequently amended) concerning issuers.
Report: the Report on Corporate Governance and Ownership Structure 2021 pursuant to art. 123-bis of the Consolidated Law on Finance.
Control system: the internal control and risk management system Company or Falck Renewables: Falck Renewables S.p.A.
Articles of Association: the articles of association adopted by Falck Renewables S.p.A. as last amended on 17 November 2020
Consolidated Finance Act/TUF: Legislative Decree no. 58 of 24 February 1998.
INTRODUCTION
Falck Renewables S.p.A. adopts the principles of the Code of Ethics as a reference model for its own corporate governance, implementing the recommendations contained therein.
Pursuant to article 123-bis, paragraphs 1, 2 and 3 of the Consolidated Law on Finance, the Report provides information on the corporate governance system and ownership structure of Falck Renewables S.p.A. and its adherence to the Code.
The information contained in this Report is for the year 2021 and, with reference to specific issues, updated to the day of March 10, 2022, the date of the meeting of the Board of Directors that approved the Report, together with the draft Financial Statements.
The Report has been prepared with reference to the format for the report on corporate governance and ownership structure of Borsa Italiana (9th edition of January 2022), available at the following address:https://www.borsaitaliana.it/comitato-corporate-governance/documenti/format2022.pdf
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Falck Renewables S.p.A. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 11:44:34 UTC.
