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ENAV S.p.A. Financial Statement

Committee may act in an advisory capacity, on request by the Chief
Executive Officer, in terms of the general remuneration and incentive
policy relative to the top management.
On 20 July 2015, the Board of Directors, following authorisation at
the Meeting and in accordance with the law and By-laws, granted the
Chairperson the powers for the coordination of audit activities and
relations with national and international bodies, in collaboration with
the Chief Executive Officer.
At the moment of conferral of said powers, the Board of Statutory
Auditors expressed the opinion as provided by Art. 2389, paragraph 3
of the Italian Civil Code regarding the justified recommendation by
the Remuneration Committee on the determination of the respective
pay of the Chief Executive Officer and the Chairperson based on the
granted powers as quantified in light of the relevant applicable
legislation.
Furthermore in 2015, the assessment launched in late 2014 by the
Ministry of Economy and Finance, which in the context of the
privatisation of ENAV indicated the intention to proceed with a
reduction in share capital, was concluded. As a result of the
investigations conducted by the Board of Directors, the Shareholders’
Meeting of 13 April 2015 resolved to voluntarily reduce the
Company’s share capital, pursuant to Art. 2445 of the Italian Civil
Code, by €180 million, positively taking into account the start of the
private placement bond issue process for the corresponding amount
with which the Company decided to pay the aforementioned

252 ENAV - Annual financial report 2015