Internal control system

The structure of the internal control system adopted by the Company is part of its organisational and management model and involves, with various roles, the Board of Directors, the Supervisory Board, the Board of Statutory Auditors, the management and the entire staff of SEA, inspired by the principles of the Self-Regulatory Code adopted by the Italian Stock Exchange, applicable regulations and best practices.

The Company adopts an internal control system which monitors:

  • the efficiency and effectiveness of business processes,
  • the reliability of financial information,
  • compliance with laws, regulations, the articles of association and internal procedures,
  • safeguarding of the company's equity.

The system involves, in particular, the Board of Directors, which plays a role of guidance and assessment of the adequacy of the same and to such end relies on the support of the Control, Risk and Sustainability Committee. The Board of Statutory Auditors is involved in the internal control system.

Auditing Department

The Auditing Department reports directly to the Chairman and functionally to the Board of Directors and Control, Risk and Sustainability Committee.

The Department consists of the manager and 8 auditors.

The Auditing Department has the responsibility, inter alia, of evaluating and contributing to the improvement of risk management, control and governance processes, ensuring on a continuous basis and in relation to specific Company requirements, suitability of the internal control and risk management system. In addition, to the same reports the control activity concerning the effectiveness, adequacy and maintenance of the Organisation and Management Model, delegated by the Supervisory Board of SEA and its subsidiaries.

In February 2017, the Audit Department completed the process of “Quality Assurance Review” of the Internal Audit activities (as renewal of the "Independent External Validation" obtained in 2011). The process was completed achieving the independent external validation (PricewaterhouseCoopers Advisory S.p.A.) of the internal self-assessment carried out by the Audit Department with the evaluation of  “Generally Conforms” with the Standards and the Code of Ethics issued by the Institute of Internal Auditors, this being the highest rating assignable.