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This code was produced by: Italian Corporate Governance Committee

The Italian Corporate Governance Committee approved certain amendments to the Corporate Governance Code, aimed, on the one hand, at enhancing ?comply or explain? principle, consistently with the recent European Commission recommendation, and, on the other hand, at encouraging full disclosure of any severance payment granted to executive directors and top managers, in accordance with the provisions set out by a recent communication of the Italian Securities Authorities (CONSOB).

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