Since the year 2002, Pirelli has established standards of conduct for the implementation of related party transactions. Subsequently, following the adoption by Consob of a Regulation on this matter, on 3 November 2010, Pirelli approved a new procedure for transactions with related parties ("OPC Procedure").
The Board considered that its sub-committees have the features required under the Rules set by the OPC Regulations and Procedure and, therefore, has attributed the competence of the Committee for Transactions with Related Parties to the Audit, Risks, Sustainability and Corporate Governance Committee, with the exception of responsibilities for the remuneration of directors and key management which are assigned to the Remuneration Committee.
In line with the Consob recommendation, dated 5 November 2013 (elapsed, then, three years after the adoption of the OPC procedure), the Board of Directors - taking into account the opinion issued by the Committee for Transactions with Related Parties and of the assessment by Auditors - confirmed the system adopted in 2010, at the same time updating the procedure with some marginal changes.
For further details, please refer to the OPC Procedure published on the Pirelli website.