The Bylaws provide that the Board of Statutory Auditors shall be constitute by five Effective Standing Auditors and three alternate Auditors. In order to reserve to the minority the election of a Effective Statutory Auditor and of an Alternate Auditor, the Bylaws provides that the appointment of the Statutory Auditors shall take place through the system of the so-called list vote, under which a Statutory Auditor and an Alternate Auditor are drawn from the list that got the most votes after the first (so-called minority list).
The remaining members of the Board of Statutory Auditors (i.e. four Standing Auditors, in addition to two Alternate Auditors) are instead drawn from the list that has obtained the largest number of votes (so-called majority list).
They have the right to submit a list of shareholders who, alone or together with other shareholders, represent at least 1 percent of the shares with voting rights at the ordinary shareholders' meeting, or the smaller measure required by the regulatory framework issued by the National Commission for company and the stock market for the submission of the lists of candidates for the appointment of the Board of Directors. Each shareholder may submit or participate in the submission of a single list.
The chairmanship of the Board of the Statutory Auditors belongs to the actual member nominated as the first candidate on the minority list.