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Report on operations

Corporate Governance

This paragraph represents the Corporate Governance report pursuant to Article
123-bis of the Legislative Decree 58/1998 (Italian Consolidated Finance Act), with
due consideration to the information as required by Paragraph 2, letter b. It should
be noted that, as ENAV has not issued shares admitted to trading on regulated
markets or multilateral trading facilities, it avails itself of the faculty as provided in
Paragraph 5 of Article 123-bis to forego the publication of information as specified
in Paragraphs 1 and 2, except as provided in letter b of Paragraph 2. Moreover,
the Paragraph provides for the information required by the directive of the Italian
Ministry of Economy and Finance dated 24 June 2013 “in relation to the adoption
of criteria and methods for appointing members of corporate boards responsible for
administration and top management remuneration policy for companies that are
directly or indirectly controlled by the Ministry of Economy and Finance”, in particular
with reference to the request addressed to issuers of financial instruments that are
listed in regulated markets, to illustrate and motivate in their Corporate Governance
Report the remuneration policy adopted for Directors with delegated powers on the
basis of recommendations of the Treasury Department.
In consideration to the parallel evolution of the transfer by sale of a stake not
exceeding 49% of the share capital of ENAV by the Ministry of Economy and Finance
by means of a Public Offer for Sale, this report illustrates the assets under corporate
governance for the Year 2015 as required by the Decree of the President of the of
Council of Ministers of 16 May 2014. ENAV is in the process of aligning its system
of governance to that of listed companies, taking into consideration applicable rules
and the recommendations of the Corporate Governance Code by reporting the
information related to the evolution of some qualifying aspects of the assets of the
company and of corporate governance in the section dedicated to other information.

10 ENAV - Annual financial report 2015