De'Longhi S p A : Corporate Governance and Shareholding Structure Report 2020

C O R P O R A T E G O V E R N A N C E A N D S H A R E H O L D I N G

S T R U C T U R E R E P O R T

2020

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Corporate governance

and shareholding structure report

pursuant to Article 123-bis of the TUF (traditional management and control model)

Issuer: De' Longhi S.p.A.

Website: www.delonghigroup.com

Financial year to which the Report refers: 2020

Date of Report approval: 11 March 2021

Table of contents

GLOSSARY	5
1.	ISSUERS' PROFILE	8
2.	INFORMATION ON THE SHAREHOLDING STRUCTURE
	(pursuant to Art. 123-bis, para. 1, TUF) at 11 March 2021	9
	a) Share capital structure (pursuant to Art. 123-bis, para. 1(a), TUF)	9
	b) Restrictions on the transfer of shares (pursuant to Art. 123-bis, para. 1(b), TUF)	10
	c) Major shareholdings (pursuant to Art. 123-bis, para. 1(c), TUF)	10
	d) Shares granting special rights (pursuant to Art. 123-bis, para. 1(d), TUF)	11
	e) Employee shareholdings: mechanism for exercising voting rights
	(pursuant to Art. 123-bis, para. 1(e), TUF)	12
	f) Restrictions on voting rights (pursuant to Art. 123-bis, para. 1(f), TUF)	12
	g) Shareholder agreements (pursuant to Art. 123-bis, para. 1(g), TUF)	12
	h) Change-of-control clauses (pursuant to Art. 123-bis, para. 1(h), TUF)
	and statutory provisions relating to takeovers
	(pursuant to Art. 104, para. 1-ter and 104-bis, para. 1, TUF)	12
	i) Powers to increase the share capital and authorisations to purchase own shares
	(pursuant to Art. 123-bis, para. 1(m), TUF)	13
	l) Management and coordination activities (pursuant to Art. 2497 et seq. of the Civil Code)	15
3.	COMPLIANCE (pursuant to Art. 123-bis, para. 2(a), TUF)	15
4.	BOARD OF DIRECTORS	16
	4.1. Appointment and replacement (pursuant to Art. 123-bis, para. 1(l), TUF)	16
	4.2. Composition (pursuant to Art. 123-bis, para. 2(d) and (d-bis), TUF)	19
	4.3. Role of the Board of Directors (pursuant to Art. 123-bis, para. 2(d), TUF)	26
	4.4. Delegated Bodies	32
	4.5. Other Executive Directors	34
	4.6. Independent Directors	34
	4.7. Lead Independent Director	34
5.	TREATMENT OF CORPORATE INFORMATION	35
6.	BOARD COMMITTEES (pursuant to Art. 123-bis, para. 2(d), TUF)	35
7.	REMUNERATION AND APPOINTMENTS COMMITTEE	36
8.	DIRECTORS' COMPENSATION	36
9.	CONTROL AND RISKS, CORPORATE GOVERNANCE AND SUSTAINABILITY COMMITTEE	37

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10.	INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM	39
	10.1. Director responsible for the Internal Control and Risk Management System	42
	10.2. Internal Audit Manager	44
	10.3. Organisational model pursuant to Legislative Decree 231/2001	46
	10.4. External Auditors	48
	10.5. Financial Reporting Officer	49
	10.6 Coordination between the parties involved in the internal control
	and risk management system	50
11.	DIRECTORS' INTERESTS AND TRANSACTIONS WITH RELATED PARTIES	50
12.	APPOINTMENT OF STATUTORY AUDITORS	52
13.	COMPOSITION AND FUNCTIONING OF THE BOARD OF STATUTORY AUDITORS
	(pursuant to Art. 123-bis, para. 2(d) and (d-bis), TUF)	53
14.	RELATIONS WITH SHAREHOLDERS	57
15.	SHAREHOLDERS' MEETING (pursuant to Art. 123-bis, para. 2(c), TUF)	57
16.	OTHER CORPORATE GOVERNANCE PRACTICES
	(pursuant to Art. 123-bis, para. 2(a), TUF)	59
17.	CHANGES SINCE THE CLOSING OF THE FINANCIAL YEAR	60
18.	CONSIDERATIONS ON THE LETTER FROM THE CHAIRMAN
	OF THE CORPORATE GOVERNANCE COMMITTEE DATED 22 DECEMBER 2020	60
TABLE 1: STRUCTURE OF THE BOARD OF DIRECTORS AND THE COMMITTEES	63
TABLE 2: STRUCTURE OF THE BOARD OF STATUTORY AUDITORS	64

CORPORATE GOVERNANCE AND SHAREHOLDING STRUCTURE REPORT

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