ORSERO S.P.A. ORSERO S.P.A. REPORT ON CORPORATE GOVERNANCE AND
OWNERSHIP STRUCTURE
FY 2021
Prepared in accordance with Article 123-bis of Italian Legislative Decree no. 58/1998 as amended and approved by the Board of Directors on March 15, 2022
Registered office at Corso Venezia, 37, 20121 Milanwww.orserogroup.it
Share capital Euro 69,163,340.00
Company Register of Milan-Monza-Brianza-Lodi under no. 09160710969 Issuer Identification Code (LEI) is 8156001895E0F4E7A803 VAT no. 09160710969
CONTENTS
1.ISSUER'S PROFILE............................................................................................................... 5
2. INFORMATION ON OWNERSHIP STRUCTURE (PURSUANT TO ART. 123-bis, PARAGRAPH 1 OF THE CONSOLIDATED LAW ON FINANCE) AS OF DECEMBER
31, 2021 ................................................................................................................................................. 6
A. Share capital structure (pursuant to art. 123-bis, paragraph 1, letter a) of the Consolidated
Law on Finance) .................................................................................................................................. 6
Share-based incentive plans ............................................................................................................... 7
B. Restrictions on the transfer of securities (pursuant to art. 123-bis, paragraph 1, letter b), of
the Consolidated Law on Finance) ................................................................................................... 7
C. Significant interests in share capital (pursuant to art. 123-bis, paragraph 1, letter c) of the
Consolidated Law on Finance) .......................................................................................................... 7
D. Securities granting special rights (pursuant to art. 123-bis, paragraph 1, letter d) TUF) ...... 8
E. Employee share ownership: mechanism for the exercise of voting rights (pursuant to art.
123-bis, paragraph 1, letter e) TUF .................................................................................................... 8
F. Restrictions on voting rights (pursuant to art. 123-bis, paragraph 1, letter f) TUF) .............. 8
G. Agreements between shareholders (pursuant to art. 123-bis, paragraph 1, letter g) TUF) .. 8
H. Change of control clauses and provisions of the Articles of Association regarding public
takeover bids ........................................................................................................................................ 9
I. Powers to increase share capital and authorizations to purchase own shares (pursuant to art.
123-bis, paragraph 1, letter m) TUF) ............................................................................................... 10
L. Management and coordination activities (pursuant to art. 2497 et seq. of the Italian Civil
Code)11
3. COMPLIANCE (pursuant to art. 123-bis, paragraph 2, letter a) of the Consolidated Law
on Finance) ......................................................................................................................................... 11
4. BOARD OF DIRECTORS .................................................................................................. 11
4.1 Role of the Board of Directors (pursuant to art. 123-bis, paragraph 2, letter d) of the
Consolidated Law on Finance) ........................................................................................................ 11
Powers and responsibilities of the members of the Board of Directors ................................... 11
4.2 Appointment and replacement (pursuant to art. 123-bis, paragraph 1, letter l) TUF) ....... 12
4.3 Composition ................................................................................................................................ 15
Diversity policies ............................................................................................................................... 17
Maximum number of offices held in other companies ................................................................ 20
Induction Program ................................................................................................................................. 21
4.4 Functioning of the Board of Directors (pursuant to art. 123-bis, paragraph 2, letter d) TUF)
21
4.5 ROLE OF THE CHAIRMAN OF THE BOARD OF DIRECTORS ............................. 23
Chairman of the Board of Directors .............................................................................................. 23
Board Secretary .................................................................................................................................. 23
4.6 EXECUTIVE DIRECTORS ................................................................................................... 24
Executive Committee ....................................................................................................................... 24
Disclosure to the Board .................................................................................................................... 32
Other Executive Directors ............................................................................................................... 32
4.7 Independent directors ................................................................................................................ 32
Lead independent director ....................................................................................................................... 33
5. PROCESSING OF CORPORATE INFORMATION .................................................. 34
6. INTERNAL COMMITTEES OF THE BOARD OF DIRECTORS (ART. 123-bis,
PARAGRAPH 2, LETTER d), TUF) ............................................................................................ 34
7. SELF-ASSESSMENT AND SUCCESSION OF DIRECTORS - REMUNERATION
AND APPOINTMENTS COMMITTEE ................................................................................... 34
7.1 Self-assessment and succession of directors ........................................................................... 34
Self-assessment of the Board of Directors and Internal Committees ........................................ 34
Succession plans for executive directors ........................................................................................ 35
7.2 Remuneration and Appointments Committee ........................................................................ 36
Composition and functioning of the Remuneration and Appointments Committee (pursuant
to art. 123-bis, paragraph 2, letter d) of the Consolidated Law on Finance) ............................. 37
8. DIRECTORS' REMUNERATION ................................................................................... 38
9. INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM ........................... 39
10. DIRECTORS' INTERESTS AND TRANSACTIONS WITH RELATED PARTIES
- RELATED PARTY TRANSACTIONS COMMITTEE ....................................................... 49
10.1 Interests of the directors and related party transactions ..................................................... 49
10.2 Related Party Transactions Committee ................................................................................. 49
11. BOARD OF STATUTORY AUDITORS ......................................................................... 50
11.1 Appointment of the statutory auditors .................................................................................. 50
11.2 Members and functioning of the Board of Statutory Auditors .......................................... 52
12. SHAREHOLDER RELATIONS ....................................................................................... 56
13. SHAREHODLERS' MEETINGS (PURSUANT TO ART. 123-bis, PARAGRAPH 2,
LETTER C), TUF) ........................................................................................................................... 56
14. ADDITIONAL CORPORATE GOVERNANCE PRACTICES ................................ 57
15.
CHANGES AFTER THE END OF THE FINANCIAL YEAR OF REFERENCE 57
16. CONSIDERATIONS ON THE LETTER OF DECEMBER 3, 2021 FROM THE CHAIRMAN OF THE CORPORATE GOVERNANCE COMMITTEE ........................... 57
GLOSSARY
Meeting or Shareholders' Meeting: the Shareholders' Meeting of Orsero S.p.A.
Civil Code/Italian Civil Code / c.c.: the Italian Civil Code.
Corporate Governance Code: the Corporate Governance Code for listed companies approved in January 2020 by the Corporate Governance Committee, which was applied with effect from January 1, 2021.
Board of Statutory Auditors: the Board of Statutory Auditors of Orsero S.p.A.
Board of Directors or Board: the Board of Directors of Orsero S.p.A.
Report Date: the date of publication of this Report.
Orsero Group or Group: collectively Orsero S.p.A. and its direct or indirect subsidiaries pursuant to Article 93 of the Consolidated Law on Finance.
Euronext Milan: the market segment managed by Borsa Italiana S.p.A., where the Issuer's shares are traded, referred to as "Mercato Telematico Azionario" until October 25, 2021.
Issuers' Regulation: the Regulation issued by Consob with Resolution no. 11971 of 1999 (and subsequent amendments) on the matter of issuers, in force at the Report Date.
RPT Regulation: the Regulation issued by Consob with Resolution no. 17221 of March 12, 2010 (and subsequent amendments) on the matter of related party transactions.
Report: the Report on Corporate Governance and Ownership Structure that companies are required to draw up pursuant to Article 123-bis of the Consolidated Law on Finance (as defined herein).
Consolidated Law on Finance or TUF: Legislative Decree no. 58 of February 24, 1998 (as subsequently amended) in force at the Report Date.
INTRODUCTION
Orsero S.p.A. (the "Company", the "Issuer" or "Orsero") is a company whose shares are traded as from December 23, 2019 on the Euronext STAR Milan segment (the "Listing") of Euronext Milan.
Since that date, the Company has implemented a corporate governance structure in line with the provisions applicable to companies with shares listed on Euronext Milan, STAR Segment, as described in this Report.
Also, in consideration of its status as a STAR issuer, Orsero adopts, as a reference model for its corporate governance, the provisions of the Corporate Governance Code as in force on the Report Date, within the terms specified in this Report.
The Report has been prepared with reference to the "Format for the report on corporate governance and ownership structure" issued by Borsa Italiana in January 2022 in reference to the Corporate Governance Code.
1. ISSUER'S PROFILE
Orsero is the holding company of the Orsero Group, which is one of the major players in Mediterranean Europe in the import and distribution of fruit and vegetables. In particular, the Issuer carries out management and strategic coordination, marketing and communication activities (with particular focus on the management of the "Fratelli Orsero" brand), human resources management, information technologies and support services for the finance area.
This Report illustrates the corporate governance structure as set out in the Articles of Association.
The corporate governance system of Orsero, which adopts the traditional administration and control system, is characterized by the presence of the following corporate bodies:
(i) the Board of Directors, which is responsible for the management of the corporate business;
(ii) the Board of Statutory Auditors, appointed to monitor: (a) observance of the law and the Articles of Association and compliance with principles of correct administration; (b) the adequacy of the internal control system and the administrative-accounting system, as well as the latter's reliability in terms of providing a correct representation of the operating events; (c) the concrete implementation of the rules of corporate governance set out in the Corporate Governance Code; (d) the adequacy of the instructions given to subsidiaries in connection with the obligations regarding the communication of insider information; and (e) the financial disclosure process, the effectiveness of the internal control systems, internal audit and risk management, the statutory audit of the annual accounts and consolidated accounts and the independence of the independent auditing firm;
(iii) the Shareholders' Meeting, which is competent to resolve on matters reserved to it by law, regulations and the Articles of Association.
Auditing is entrusted to an independent auditing firm registered in the register of auditors, appointed by the Shareholders' Meeting, upon a reasoned proposal of the Board of Statutory Auditors.
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Orsero S.p.A. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 15:34:01 UTC.
