The Management Board

The Management Board has sole responsibility for the management of the Bank in compliance with general, programme-related and strategic guidelines approved by the Supervisory Board, under the terms of which, to the extent of its own duties, its strategic supervisory role is exercised. For this purpose, the Board resolves on all transactions considered useful or appropriate in achieving the corporate aims, relating to both ordinary and extraordinary administration.
Pursuant to the Articles of Association, the Management Board is guaranteed sole responsibility for certain matters of greater importance – identified in a precise and analytical manner – beyond those strictly envisaged in the regulations. On such matters, joint decision-making makes it possible to actively involve Board Members who therefore participate with independent judgement in the Bank’s key operational governance issues.
The Management Board also adopted its own Regulation to govern its duties in detail. Subject to regulatory and Articles of Association provisions, the Management Board resolves on other matters reserved to the Board under its own Regulation and on those it decided not to delegate.
In particular, but by no means exhaustively, the Board has powers regarding the following areas, without prejudice, if any, to rival competences of the Supervisory Board:

a) structure, organisation and operation of the Board;
b) strategies and general guidelines of the Bank and the Group;
c) structure and organisation of the Bank and the Group;
d) control and prudent supervision policies;
e) financial reporting, financial statements and relations with independent auditors;
f) Shareholders’ Meetings and relations with Bank shareholders.

The Management Board periodically assesses the general development of operations, also on presentation of the financial data of the Bank and Group, taking into account, in particular, the information received from the Managing Director, making use of the in-depth analyses of the Specific Commissions established within the Board itself, and periodically comparing the results achieved with those previously forecast.