The Company is administered by a Board of Directors composed of no less than five and no more than 13 members, which need not be shareholders, are appointed by the Shareholders’ Meeting and are elected on the basis of votes on competing lists which must assure balance between men and women, in compliance with the applicable provisions of the law, regulations and the pro-tempore Articles of Association in force. The Board Directors shall remain in office for three financial years, expiring at the date of the Shareholders’ Meeting called to approve the financial statements relating to the last year of their term. Directors can be re-elected.

The Board of Directors currently in office, whose term will expire on approval of the financial statements for the financial year ended as at 31 December 2019, is composed as follows: