Financial reporting and risk monitoring
Snam's internal control system over financial reporting aims to ensure the dependability, accuracy, reliability and timeliness of financial reporting and the capability of its business processes to produce this information in accordance with the accounting principles
The internal control and risk management system in relation to the corporate reporting process is an element of the same System (Corporate Reporting Control System), aimed at ensuring the credibility, the accuracy, the reliability and the timeliness of corporate financial reporting and the capacity of corporate processes relevant in this respect for the purposes of producing such reporting according with the accounting principles.
The reporting in question consists of all financial and non-financial data and information contained in the periodic accounting documents required by law as well as in any other accounting document or external communication covered by the statements provided for by article 154/2 of the Italian Financial Services Act. Non-financial data and information have the purpose of describing the significant aspects of the business, of commenting on the economic and financial results for the year, and/or of describing future prospects.
The CRCS model adopted by Snam and by the Subsidiaries was defined consistently with the provisions of article 154/2 of the Italian Financial Services Act and is based, in terms of methodology, on the “COSO Framework” (“Internal Control – Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Treadway Commission), which is the international benchmark model for the establishment, updating, analysis and assessment of internal control systems, an update of which was published in May 2013.
The Corporate Reporting Control System of the Snam Group is regulated by a set of rules and by a number of operating instructions relating to the “Corporate Reporting Control System of the Snam Group”, which define the methodologies, roles, responsibilities, activities to perform and the reporting flows for the planning, establishment and keeping over time, the functioning, and the evaluation of effectiveness of the Group’s CRCS, taking into account their significance.
The Board of Directors of 14 May 2019 has confirmed Franco Pruzzi as “Officer responsible for the preparation of financial reports” pursuant to art. 154-bis of Legislative Decree n. 58 of 1998. Franco Pruzzi is the Senior Vice President Amministrazione, Bilancio e Fiscale di Snam.
15 May 2019 - 12:20 CEST