CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE REPORT

pursuant to Article 123-bis of Legislative Decree No. 58 of February 24, 1998

(Traditional administration and control model)

Issuer: Piovan S.p.A.

Website:www.piovan.com

Reporting Year: 2022

Approval date of Report: March 21, 2023

INDICE

GLOSSARY .......................................................................................................................... 6

  • 1. ISSUER PROFILE .................................................................................................... 9

  • 2. INFORMATION ON THE OWNERSHIP STRUCTURE (pursuant to Article 123-bis, paragraph 1, CFA) at 31/12/2022 ................................................................................... 11

a.

Structure of the share capital (pursuant to Article 123-bis, paragraph 1, letter a), CFA) . 11

b.

Restriction on the transfer of shares (pursuant to Article 123-bis, paragraph 1, letter b),

CFA) ................................................................................................................................ 12

c.

Significant holdings (pursuant to Article 123-bis, paragraph 1, letter c), CFA) ................. 12

d.

Shares which confer special rights (pursuant to Article 123-bis, paragraph 1, letter d),

CFA) ................................................................................................................................ 12

e.

Employee shareholdings: voting mechanism (pursuant to Article 123-bis, paragraph 1,

letter e), CFA) ................................................................................................................. 14

f.

Voting restrictions (pursuant to Article 123-bis, paragraph 1, letter f), CFA) ................... 15

g.

Shareholder agreements (pursuant to Article 123-bis, paragraph 1, letter g), CFA) ........ 15

h.

Change of control clauses (pursuant to Article 123-bis, paragraph 1, letter h), CFA) and

statutory provisions concerning Public Purchase Offers (pursuant to Article 104,

paragraph 1-ter, and Article 104-bis, paragraph 1, CFA) ............................................... 15

i.

Power to increase the share capital and authorization to purchase treasury shares

(pursuant to Article 123-bis, paragraph 1, letter m), CFA) ............................................. 17

j.

Management and Coordination activities (pursuant to Article 2497 and subsequent of

the Civil Code) ................................................................................................................ 17

3.

COMPLIANCE (pursuant to Article 123-bis, paragraph 2, letter a), first part, CFA

............................................................................................................................ 19

4.

BOARD OF DIRECTORS ....................................................................................... 19

4.1

Role of the Board of Directors .......................................................................................... 19

4.2

Appointment and replacement (pursuant to Article 123-bis, paragraph 1, letter l), first

part of the CFA) .............................................................................................................. 25

4.3

Composition (pursuant to Article 123-bis, paragraph 2(d) and (d-bis), CFA) .................... 30

4.4

Functioning of the Board of Directors (pursuant to Article 123-bis, paragraph 2, letter d),

CFA) ................................................................................................................................ 36

4.5

Role of the Chairperson of the Board of Directors ........................................................... 38

4.6

Executive Directors ........................................................................................................... 40

4.6.1

Chief Executive Officers ...................................................................................... 40

4.6.2

Chairperson of the Board of Directors ............................................................... 50

4.6.3

Executive Committee ......................................................................................... 59

4.6.4

Disclosure to the Board by Directors and delegated bodies .............................. 59

  • 4.6.5 Other Executive Directors .................................................................................. 60

  • 4.7 Independent Directors and Lead Independent Director ................................................ 60

  • 4.7.1 Independent Directors ....................................................................................... 60

  • 4.7.2 Lead Independent Director ................................................................................ 62

  • 5. MANAGEMENT OF CORPORATE INFORMATION ................................................ 62

  • 6. INTERNAL COMMITTEES TO THE BOARD (pursuant to Article 123-bis, paragraph

    2, letter d), CFA) ................................................................................................. 63

  • 7. SELF-ASSESSMENT AND SUCCESSION OF DIRECTORS - NOMINATION AND

    REMUNERATION COMMITTEE ........................................................................... 65

7.1 Self-assessment and succession of Directors .................................................................... 65

7.2

Nomination and Remuneration Committee Composition and functioning of the committee ...................................................................................................................... 66

Functions of the committee ......................................................................................................... 67

  • 8. REMUNERATION OF DIRECTORS ........................................................................ 70

  • 9. INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM - CONTROL, RISKS AND

    SUSTAINABILITY COMMITTEE ............................................................................ 70

9.1 Chief Executive Officer ...................................................................................................... 72

9.2 Control, Risks and Sustainability Committee .................................................................... 73

Composition and functioning of the Committee ......................................................................... 73

Control, Risks and Sustainability Committee functions ............................................................... 74

  • 9.3 Internal Audit Manager ..................................................................................................... 77

  • 9.4 Organization Model pursuant to Legislative Decree No. 231/2001 ................................. 79

  • 9.5 Independent Auditing Firm ............................................................................................... 82

  • 9.6 Executive Officer for Financial Reporting and other corporate roles and functions ........ 83

  • 9.7 Co-ordination of the parties involved in the Internal Control and Risk Management

    System ................................................................................................................................

    ....................................................................................................................................... 86

  • 10. DIRECTORS' INTERESTS AND RELATED PARTY TRANSACTIONS ......................... 87

  • 10.1 Procedure for related party transactions ......................................................................... 87

  • 10.2 Related Party Transactions Committee ............................................................................ 88

  • 10.3 Directors' interests ........................................................................................................... 90

  • 11. BOARD OF STATUTORY AUDITORS ..................................................................... 90

  • 11.1 Appointment and replacement ........................................................................................ 90

  • 11.2 Composition and functioning (pursuant to Article 123-bis, paragraph 2, letters d) and d- bis) CFA) ......................................................................................................................... 94

  • 12. RELATIONS WITH SHAREHOLDERS ................................................................... 103

  • 13. SHAREHOLDERS' MEETINGS ............................................................................. 104

14. FURTHER CORPORATE GOVERNANCE PRACTICES (pursuant to Article 123-bis,

paragraph 2, letter a), second section, CFA) ................................................................. 107

  • 15. CHANGES SUBSEQUENT TO THE YEAR-END ..................................................... 107

  • 16. CONSIDERATIONS ON THE LETTER OF THE CHAIRPERSON OF THE CORPORATE

GOVERNANCE COMMITTEE .......................................................................................... 108

ATTACHMENT 1 .......................................................................................................................... 115

TABLES .......................................................................................................................... 120

TABLE 1: INFORMATION ON THE OWNERSHIP STRUCTURE AS AT 31/12/2022 ........................ 120

TABLE 2: STRUCTURE OF THE BOARD OF DIRECTORS AT THE END OF THE FINANCIAL YEAR .... 124

TABLE 3: STRUCTURE OF THE INTERNAL BOARD COMMITTEES AT YEAR-END .......................... 126

TABLE 4: STRUCTURE OF THE BOARD OF STATUTORY AUDITORS AT THE END OF THE FINANCIAL

YEAR ............................................................................................................................. 127

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Piovan S.p.A. published this content on 30 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2023 14:53:03 UTC.