Page 12 - ENAV eng_Relazione_Finanziaria_Annuale_2014

10 ENAV – 2014 Financial Statements

The Company’s legal audit is performed by an auditing firm selected by
means of public tender and appointed by the Shareholders’ Meeting of 16
May 2013 for the 3-year period 2013- 2015. The same auditing firm was
assigned to audit the unbundling activities required by article 11-sexies,
section 7-bis of Italian Law 248/2005 regarding analytic accounting
(identification of revenues and costs relative to services provided by
ENAV).

Pursuant to article 18-bis of the bylaws, the Board of Directors has
appointed a manager to prepare the Company’s accounting documents.

The Supervisory Body, formed for purposes of Italian Legislative Decree
231/2001, is a mixed collective body composed of 3 members appointed
on 20 December 2012 for the 3-year period 2013-2015. Two members,
including its Chairman, are external and one is internal. In 2014, the
Supervisory Body met 4 times.

ENAV is subject to financial and budgetary audits by the Court of Accounts,
which reports annually to the Italian Parliament for the purposes of article
12 of Law no. 259 of 21 March 1958 regarding the legality and conformity
of management and operation of internal controls. The report on the audit
conducted on the financial management of ENAV SpA for financial year
2013 was isued in February 2015. The magistrate assigned to audit the
Company participates in meetings of Company boards.

In 2014, the Italian government commenced a process to sell a portion
not exceeding 49% of the share capital held in ENAV by the Ministry of
Economy and Finance.

In October 2014, the Ministry of Economy and Finance expressed its
intention, in the context of the process to privatize ENAV, to reduce the
share capital, and requested the Board of Directors of the Company to
conduct its own independent analyses and evaluations regarding the
feasibility of such operation.

At the conclusion of the evaluations conducted by the Board of Directors
and reported to the Shareholder, the Shareholders’ Meeting of 13 April
2015 resolved, in the extraordinary part, to voluntarily reduce (pursuant to