Corporate Bodies
Cherry Bank S.p.A. adopts a traditional governance system, suitable for ensuring the efficiency of management and the effectiveness of controls with a view to the sound and prudent management of the Bank. The adopted governance model is based on the interaction and constructive dialectic between the corporate bodies and in particular between the two bodies appointed by the shareholders’ meeting: the Board of Directors and the Board of Auditors. To these is added the Chief Executive Officer.
Appointment of the Members of the Board of Directors and of the Board of Statutory Auditors
The members of the Board of Directors and the Board of Statutory Auditors are appointed by the Shareholders’ Meeting on the basis of the list voting mechanism, which guarantees the appointment of representatives of minority shareholders through the power to submit competing lists, a power granted to shareholders who – even jointly with others – have at least 2.5 percent of the capital. As a result of voting by list, the Chairman of the Board of Directors and the Chief Executive Officer are then identified in accordance with the Bylaws.
Audit and Risk Committee and other committees
In compliance with the Bank of Italy’s Supervisory Regulations and the provisions of the Articles of Association, the Bank’s Board of Directors established the Audit and Risk Committee (Endoconsulting Committee), regulating its powers and operation. A number of management committees, not endoconsiliar, with investigative, advisory and propositional functions are also established: the NPL Committee, the AML and Finance Committee and the Credit Committee.