The Intesa Sanpaolo Group, with 11.1 million customers and over 3,900 branches in Italy, is the country’s leading banking group. It is also one of the top banking groups in Europe. Intesa Sanpaolo is the leader in Italy in terms of business presence with an extensive network embracing 44 units dedicated to corporate clientele and with about 4,000 branches. Active in the international markets is active in about 40 countries, with units in 29 countries worldwide specifically dedicated to corporate business.
Intesa Sanpaolo adheres to the objectives and guidelines of the Corporate Governance Code. Its governance system is in line with both the principles contained in the Code (that are covered in a detailed report explaining the adjustments deemed appropriate) and, in general, with national and international best practices. The overall aim is to ensure, in accordance with the provisions of the Supervisory Authorities, an effective and transparent distribution of roles and responsibilities within the Bank’s Corporate Bodies, and to achieve balance among strategic supervision, management and control.
A one-tier corporate governance system has been in force in Intesa Sanpaolo since 27 April 2016, based on a Board of Directors and a Management Control Committee established within the Board. Both the Board of Directors and the Management Control Committee are appointed at the Shareholders’ Meeting. This system has been identified as the most suitable for ensuring efficient management and effective control within the Bank. Its adoption and the new Articles of Association were approved by the Shareholders at an extraordinary meeting held on 26 February 2016. The previous two-tier governance system, adopted by Intesa Sanpaolo at the time of its creation, was based on a Supervisory Board appointed at the Shareholders’ Meeting, responsible for major strategic operations, and on a Management Board appointed by the Supervisory Board, responsible for the management of the Bank and with a mandate to elect the CEO from its members.