GOVERNANCE MODEL

We are convinced that well-structured governance systems are essential to further business development, to preserve the interests of shareholders and all stakeholders as well as to guarantee sound and prudent management of the company.



The ingredients of good governance are many: clear allocation of tasks and internal dialogue within the board; effective internal controls; timely and complete Information flows; correct incentives.

Generalfinance is organised according to the traditional model, with a Shareholders' Meetings, Board of Directors and Board of Statutory Auditors
Two committees have been established within the Board of Directors: the Control, Risk and Sustainability Committee and the Appointments and Remuneration Committee. The Control, Risk and Sustainability Committee also carries out the function of committee for related transactions, except for decisions regarding the remuneration of the directors and key management personnel, for which the Appointments and Remuneration Committee is responsible.

Our corporate governance system complies with the principles contained in the Corporate Governance Code of Listed Companies with which we complied in June 2022.
 
Council and Committees
This is the body with strategic oversight responsibility. It guides the Company by pursuing its sustainable success, which is based on the creation of long-term value for the benefit of shareholders, taking into account the interests of other stakeholders relevant to the Company.
It has the broadest powers for the management and ordinary and extraordinary business except for that which is reserved for Shareholders' Meetings by law and by the Articles of Association.

Generalfinance's Board of Directors is made up of 9 members, both executive and non-executive (i.e. directors without management powers). Each of them satisfies the requirements on good standing and professionalism and meets the criteria of fairness, competence and independence of judgement required of representatives of financial intermediaries by regulatory legislation. In addition, 8 directors meet the independence requirements set forth in the Consolidated Finance Law and the Corporate Governance Code.
The Board of Directors currently in office was appointed by the Shareholders' Meeting on 8 March 2022 and will remain in office until the date of the Shareholders' Meeting called to approve the financial statements for the year ended 31 December 2024.

 
Maurizio Dallocchio
President
Maurizio Dallocchio
Born in Milan on April 12, 1958, he is full-time Professor of Corporate Finance and member of the Board of the Finance Department at the Luigi Bocconi University of Milan, of which he was also the Dean. He is Senior Lecturer at SDA Bocconi School of Management (Business Management School of Bocconi University), of which he was director of the Master in Corporate Finance. He is a member of the Editorial Committee of the Corporate & Business Strategy Review magazine and of the Scientific Committee of the Center for Applied Economics Studies (CSEA) at the Catholic University of the Sacred Heart of Milan. He has been visiting professor at prestigious international schools and universities (among others, New York University, London Business School, IMD Lausanne). He is a chartered accountant and statutory auditor. He has contributed to the management and control bodies of numerous listed and private institutions, both domestic and international. He is a member of the board of directors and of the advisory board and an active supporter of numerous non-profit organizations. He is the author of numerous publications and articles.
Paolo Alberto De Angelis
Vice President
Paolo Alberto De Angelis
In 1980, he graduated with honors in Mechanical Engineering. He began his career as an Engineer in the aluminum production and processing sector, focusing on investment evaluation and project development. In 1982, attending the IMI training school introduced him to the banking world. He then joined Mediocredito di Roma, where he demonstrated his ability to build relationships with Commercial Banks, particularly with the three Roman Banks that were merging at the time to form Banca di Roma. This experience led him to Mediocredito Centrale, then a second-tier institution undergoing major transformation, where he developed innovative finance projects and built a commercial network that ultimately contributed to the rescue of Banco di Sicilia – Sicilcassa. There, he entered as Head of Markets to reorganize the branches, redesign segmentation, products, and commercial and credit activities in general, also joining the Board of Directors of Irfis SpA and Basileasing SpA. With the privatization of Mediocredito Centrale and the launch of the Capitalia Project, he became Head of the Credit Division at Banca Roma, also participating on the Board of Directors of Fidis Retail Italia and Synesis as part of the ‘Fiat convertible’ project. He then moved on to restructure the para-banking services (as CEO of Capitalia Leasing & Factoring and Fineco Leasing), eventually becoming Head of Asset Finance at Capitalia Group in MCC VDG. He then joined BNL following its acquisition by the BNP Paribas Group, and his experience took on an international dimension. He was put in charge of the Corporate Division and became one of the Group’s top 100 managers. During this time, he also served as Vice Chairman of the Board of Ifitalia – International, Board Member of BNP Paribas Lease Group SA, and Board Member of Arval SpA. His broad experience led him, as Deputy General Manager of BNL, to his 2017 appointment to BNL’s Board of Directors, where he assumed the Chairmanship of the Bank’s Risk and Product Committees. In 2020, he put his expertise at the service of rescuing Popolare di Bari, leading it as General Manager during the Extraordinary Administration phase, guiding its transformation into a joint-stock company (SpA). He then moved to Invitalia as Head of the Fund Management Area, where he successfully developed and launched the “Fund for the Safeguarding of Employment Levels and the Continuation of Business Activities” and the “Cresci al Sud Fund.” He also served as Chairman of the Board of Directors of Canepa SpA and Board Member of Ceramica Dolomite SpA and Rino Snaidero SpA, companies invested in by the Safeguard Fund. As of September 2024, he also becomes Senior Advisor at General Finance Spa, a dynamic financial company listed on Euronext Star Milan, specialized in tailor-made financing for businesses through the advance of trade receivables.
Massimo Gianolli
Chief Executive Officer
Massimo Gianolli
Born in Biella on January 21, 1966, in 1980 he began studying in Verona and working in the countryside, in the family lands. In 1988 he was called back to Biella to spend a short period in Prestoleasing SpA (currently, Generalfinance), at the time active in the leasing sector, in order to liquidate it. Since 1990, he has held the position of director and chief executive officer of the Company. In 2005, he decided to launch to “La Collina dei Ciliegi”, a brand born from a project to reconvert the Veronese land to the vine-wine/hotel activity. In 2015, he founded GGH and in 2017 he opened the capital of Generalfinance to the entry of CAI (formerly Creval).
Maurizio Dallocchio
Born in Milan on April 12, 1958, he is full-time Professor of Corporate Finance and member of the Board of the Finance Department at the Luigi Bocconi University of Milan, of which he was also the Dean. He is Senior Lecturer at SDA Bocconi School of Management (Business Management School of Bocconi University), of which he was director of the Master in Corporate Finance. He is a member of the Editorial Committee of the Corporate & Business Strategy Review magazine and of the Scientific Committee of the Center for Applied Economics Studies (CSEA) at the Catholic University of the Sacred Heart of Milan. He has been visiting professor at prestigious international schools and universities (among others, New York University, London Business School, IMD Lausanne). He is a chartered accountant and statutory auditor. He has contributed to the management and control bodies of numerous listed and private institutions, both domestic and international. He is a member of the board of directors and of the advisory board and an active supporter of numerous non-profit organizations. He is the author of numerous publications and articles.
Paolo Alberto De Angelis
In 1980, he graduated with honors in Mechanical Engineering. He began his career as an Engineer in the aluminum production and processing sector, focusing on investment evaluation and project development. In 1982, attending the IMI training school introduced him to the banking world. He then joined Mediocredito di Roma, where he demonstrated his ability to build relationships with Commercial Banks, particularly with the three Roman Banks that were merging at the time to form Banca di Roma. This experience led him to Mediocredito Centrale, then a second-tier institution undergoing major transformation, where he developed innovative finance projects and built a commercial network that ultimately contributed to the rescue of Banco di Sicilia – Sicilcassa. There, he entered as Head of Markets to reorganize the branches, redesign segmentation, products, and commercial and credit activities in general, also joining the Board of Directors of Irfis SpA and Basileasing SpA. With the privatization of Mediocredito Centrale and the launch of the Capitalia Project, he became Head of the Credit Division at Banca Roma, also participating on the Board of Directors of Fidis Retail Italia and Synesis as part of the ‘Fiat convertible’ project. He then moved on to restructure the para-banking services (as CEO of Capitalia Leasing & Factoring and Fineco Leasing), eventually becoming Head of Asset Finance at Capitalia Group in MCC VDG. He then joined BNL following its acquisition by the BNP Paribas Group, and his experience took on an international dimension. He was put in charge of the Corporate Division and became one of the Group’s top 100 managers. During this time, he also served as Vice Chairman of the Board of Ifitalia – International, Board Member of BNP Paribas Lease Group SA, and Board Member of Arval SpA. His broad experience led him, as Deputy General Manager of BNL, to his 2017 appointment to BNL’s Board of Directors, where he assumed the Chairmanship of the Bank’s Risk and Product Committees. In 2020, he put his expertise at the service of rescuing Popolare di Bari, leading it as General Manager during the Extraordinary Administration phase, guiding its transformation into a joint-stock company (SpA). He then moved to Invitalia as Head of the Fund Management Area, where he successfully developed and launched the “Fund for the Safeguarding of Employment Levels and the Continuation of Business Activities” and the “Cresci al Sud Fund.” He also served as Chairman of the Board of Directors of Canepa SpA and Board Member of Ceramica Dolomite SpA and Rino Snaidero SpA, companies invested in by the Safeguard Fund. As of September 2024, he also becomes Senior Advisor at General Finance Spa, a dynamic financial company listed on Euronext Star Milan, specialized in tailor-made financing for businesses through the advance of trade receivables.
Massimo Gianolli
Born in Biella on January 21, 1966, in 1980 he began studying in Verona and working in the countryside, in the family lands. In 1988 he was called back to Biella to spend a short period in Prestoleasing SpA (currently, Generalfinance), at the time active in the leasing sector, in order to liquidate it. Since 1990, he has held the position of director and chief executive officer of the Company. In 2005, he decided to launch to “La Collina dei Ciliegi”, a brand born from a project to reconvert the Veronese land to the vine-wine/hotel activity. In 2015, he founded GGH and in 2017 he opened the capital of Generalfinance to the entry of CAI (formerly Creval).
Leonardo Luca Etro
Director
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Maria Luisa Mosconi
Director
Maria Luisa Mosconi
Born in Varese on May 18, 1962, she has a degree in Business Administration and is qualified as a chartered accountant and statutory auditor; she has been registered with the Order of Chartered Accountants of Milan since 1992 and with the Register of Independent Experts for the negotiated settlement of the business crisis at the Milan Chamber of Commerce. Since 1997, she has been enrolled in the Register of Judge Consultants at the Court of Milan, with specific reference to company valuations, extraordinary finance operations, insolvency proceedings. It is associated with ODV231 – Association of Members of Supervisory Bodies pursuant to Legislative Decree No. 231/2001. She works as a chartered accountant with particular reference to bankruptcy procedures and consultancy relating to corporate restructuring and crises, as well as appraisals. She also acts as trustee and judicial liquidator at the Court of Milan, Bankruptcy Section. She has held and holds the office of chairman and member of the board of statutory auditors, of the Board of Directors and of the supervisory board and judicial liquidator in various listed and unlisted companies. During her career she gained significant experience in various listed and unlisted companies also in regulated sectors, in the banking, insurance, financial intermediaries and asset management companies sector. She serves as Chairman or member of supervisory bodies pursuant to Legislative Decree No. 231/2001.
Ivonne Forno
Director
Ivonne Forno
Born in Trento on May 26, 1973. She holds a Law degree, graduating summa cum laude, and a Master's degree in Financial Management and Consulting. Following two decades of experience in asset management and supplementary pensions (having served as General Manager of the Laborfonds Pension Fund – Italy's fourth-largest industry-wide pension fund by membership and assets under management – until May 2021), she has been an independent director for listed and private institutions since 2022, primarily operating in the financial and asset management sectors. She serves as Chairwoman of the Board of Directors of the Hub Innovazione Trentino Foundation. This operational entity of the Autonomous Province of Trento focuses on technology transfer and the commercialization of research outcomes from its scientific founders: the University of Trento, the Edmund Mach Foundation, and the Bruno Kessler Foundation (FBK), where she also serves as a Board Member. A mentor at the University of Trento and other national organizations and associations, she has lectured on numerous specialization courses and spoken at national and international conferences within the pension and financial sectors over the years.
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Maria Luisa Mosconi
Born in Varese on May 18, 1962, she has a degree in Business Administration and is qualified as a chartered accountant and statutory auditor; she has been registered with the Order of Chartered Accountants of Milan since 1992 and with the Register of Independent Experts for the negotiated settlement of the business crisis at the Milan Chamber of Commerce. Since 1997, she has been enrolled in the Register of Judge Consultants at the Court of Milan, with specific reference to company valuations, extraordinary finance operations, insolvency proceedings. It is associated with ODV231 – Association of Members of Supervisory Bodies pursuant to Legislative Decree No. 231/2001. She works as a chartered accountant with particular reference to bankruptcy procedures and consultancy relating to corporate restructuring and crises, as well as appraisals. She also acts as trustee and judicial liquidator at the Court of Milan, Bankruptcy Section. She has held and holds the office of chairman and member of the board of statutory auditors, of the Board of Directors and of the supervisory board and judicial liquidator in various listed and unlisted companies. During her career she gained significant experience in various listed and unlisted companies also in regulated sectors, in the banking, insurance, financial intermediaries and asset management companies sector. She serves as Chairman or member of supervisory bodies pursuant to Legislative Decree No. 231/2001.
Ivonne Forno
Born in Trento on May 26, 1973. She holds a Law degree, graduating summa cum laude, and a Master's degree in Financial Management and Consulting. Following two decades of experience in asset management and supplementary pensions (having served as General Manager of the Laborfonds Pension Fund – Italy's fourth-largest industry-wide pension fund by membership and assets under management – until May 2021), she has been an independent director for listed and private institutions since 2022, primarily operating in the financial and asset management sectors. She serves as Chairwoman of the Board of Directors of the Hub Innovazione Trentino Foundation. This operational entity of the Autonomous Province of Trento focuses on technology transfer and the commercialization of research outcomes from its scientific founders: the University of Trento, the Edmund Mach Foundation, and the Bruno Kessler Foundation (FBK), where she also serves as a Board Member. A mentor at the University of Trento and other national organizations and associations, she has lectured on numerous specialization courses and spoken at national and international conferences within the pension and financial sectors over the years.
Marta Bavasso
Director
Marta Bavasso
Born in Florence on March 22, 1969, she graduated in law from the University of Florence in 1993. In 1992 she obtained a LLM degree in law and Institutions, EU Competition Law, International Commercial Law from UCL Faculty of Laws,. She has been admitted to practice law since 1997. She has carried out her professional activity both in internationally renowned law firms, gaining significant skills mainly in corporate and commercial law in general and in technology and (tele) communications law, and in -house, on behalf of leading companies. Since February 2022 has been a founding partner of the law firm Gambino-Scanzano-Pesce-Bavasso and head of corporate-M&A-private equity and TMT. She is an independent director of Philogen S.p.A. (as well as lead independent director) and First4Progress S.p.A.; she is also a director of Ericsson Telecommunications S.p.A..
Federica Casalvolone
Director
Federica Casalvolone
Born in Biella (BI) on 8 November 1971. She has a degree in Economics and Commerce from the University of Pavia. Enrolled in the Board of Accountants and Commercial Experts of Vercelli and Biella since June 1996. Enrolled in the Board of Accountants and Commercial Experts of Biella from October 1998 until June 2001. Enrolled in the Register of Chartered Accountants and Accounting Experts of Biella since June 2001. Enrolled in the Register of Statutory Auditors since December 1999. Since 1991 she has worked with Studio Bernero – Barazzotto, a professional firm in Biella, first as a trainee Accountant, then as an independent professional accountant, then as a trainee Chartered Accountant/Statutory Auditor and finally a partner. She currently carries out professional, accounting, corporate and tax consultancy activities for various companies, operating at the offices in Biella and Milan. Among other things, she deals with extraordinary transactions, analyses of company situations and assessments, assistance in negotiations and tax aspects relating to acquisitions and sales of companies, business units, controlling or minority shareholdings, preparation of due diligence reports for companies that buy or sell companies, business units, examination of corporate documentation and documents relating to properties and contracts, feasibility studies and execution of corporate restructuring transactions, including mergers, transfers, demergers, transformations, liquidations and insolvency proceedings of companies and entities.
Gabriele Albertini
Director
Gabriele Albertini
Was born in Milan (MI) on 6 July 1950. He obtained a high school diploma from the "Istituto dei frati gesuiti Leone XIII", and a degree in law from the University of Milan. From 1974 to 1997 he was Deputy Chairperson and Chief Executive Officer of “Albertini S.p.A.”, a company founded in 1932 by his father Cesare, Deputy Chairperson of Assolombarda (Associazione Industriale Lombarda) and Chairperson of Federmeccanica (Italian Metalworking Industry Trade Union Federation). Mayor of Milan for two terms: 1997-2001 and 2001-2006. Member of the European Parliament for two legislatures: 2004-2009, with the function of Vice-Chair of the Transport Commission, and 2009-2013, with the function of Chair of the Foreign Affairs Commission of the European Parliament. Senator of the Republic of Italy for one term (2013-2018).
Marta Bavasso
Born in Florence on March 22, 1969, she graduated in law from the University of Florence in 1993. In 1992 she obtained a LLM degree in law and Institutions, EU Competition Law, International Commercial Law from UCL Faculty of Laws,. She has been admitted to practice law since 1997. She has carried out her professional activity both in internationally renowned law firms, gaining significant skills mainly in corporate and commercial law in general and in technology and (tele) communications law, and in -house, on behalf of leading companies. Since February 2022 has been a founding partner of the law firm Gambino-Scanzano-Pesce-Bavasso and head of corporate-M&A-private equity and TMT. She is an independent director of Philogen S.p.A. (as well as lead independent director) and First4Progress S.p.A.; she is also a director of Ericsson Telecommunications S.p.A..
Federica Casalvolone
Born in Biella (BI) on 8 November 1971. She has a degree in Economics and Commerce from the University of Pavia. Enrolled in the Board of Accountants and Commercial Experts of Vercelli and Biella since June 1996. Enrolled in the Board of Accountants and Commercial Experts of Biella from October 1998 until June 2001. Enrolled in the Register of Chartered Accountants and Accounting Experts of Biella since June 2001. Enrolled in the Register of Statutory Auditors since December 1999. Since 1991 she has worked with Studio Bernero – Barazzotto, a professional firm in Biella, first as a trainee Accountant, then as an independent professional accountant, then as a trainee Chartered Accountant/Statutory Auditor and finally a partner. She currently carries out professional, accounting, corporate and tax consultancy activities for various companies, operating at the offices in Biella and Milan. Among other things, she deals with extraordinary transactions, analyses of company situations and assessments, assistance in negotiations and tax aspects relating to acquisitions and sales of companies, business units, controlling or minority shareholdings, preparation of due diligence reports for companies that buy or sell companies, business units, examination of corporate documentation and documents relating to properties and contracts, feasibility studies and execution of corporate restructuring transactions, including mergers, transfers, demergers, transformations, liquidations and insolvency proceedings of companies and entities.
Gabriele Albertini
Was born in Milan (MI) on 6 July 1950. He obtained a high school diploma from the "Istituto dei frati gesuiti Leone XIII", and a degree in law from the University of Milan. From 1974 to 1997 he was Deputy Chairperson and Chief Executive Officer of “Albertini S.p.A.”, a company founded in 1932 by his father Cesare, Deputy Chairperson of Assolombarda (Associazione Industriale Lombarda) and Chairperson of Federmeccanica (Italian Metalworking Industry Trade Union Federation). Mayor of Milan for two terms: 1997-2001 and 2001-2006. Member of the European Parliament for two legislatures: 2004-2009, with the function of Vice-Chair of the Transport Commission, and 2009-2013, with the function of Chair of the Foreign Affairs Commission of the European Parliament. Senator of the Republic of Italy for one term (2013-2018).
This has advisory and proposal-related functions with the task of supporting the assessments and decisions of the Board of Directors relating to the internal control and risk management system and the approval of periodic financial and non-financial reports, as well as furthering the continuous integration of national and international best practices in the Company’s corporate governance and of environmental, social and governance factors in business strategies.

The Control, Risk and Sustainability Committee is an internal board committee, made up of 3 directors, all of whom possess the independence requirements envisaged by the Consolidated Finance Law and the Corporate Governance Code.
The Control, Risk and Sustainability Committee currently in office was appointed by the Board of Directors on 29 June 2022 and will remain in office until the end of the mandate of the Board of Directors.
Leonardo Luca Etro
President
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Marta Bavasso
Member
Marta Bavasso
Born in Florence on March 22, 1969, she graduated in law from the University of Florence in 1993. In 1992 she obtained a LLM degree in law and Institutions, EU Competition Law, International Commercial Law from UCL Faculty of Laws,. She has been admitted to practice law since 1997. She has carried out her professional activity both in internationally renowned law firms, gaining significant skills mainly in corporate and commercial law in general and in technology and (tele) communications law, and in -house, on behalf of leading companies. Since February 2022 has been a founding partner of the law firm Gambino-Scanzano-Pesce-Bavasso and head of corporate-M&A-private equity and TMT. She is an independent director of Philogen S.p.A. (as well as lead independent director) and First4Progress S.p.A.; she is also a director of Ericsson Telecommunications S.p.A..
Ivonne Forno
Member
Ivonne Forno
In the process of being updated
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Marta Bavasso
Born in Florence on March 22, 1969, she graduated in law from the University of Florence in 1993. In 1992 she obtained a LLM degree in law and Institutions, EU Competition Law, International Commercial Law from UCL Faculty of Laws,. She has been admitted to practice law since 1997. She has carried out her professional activity both in internationally renowned law firms, gaining significant skills mainly in corporate and commercial law in general and in technology and (tele) communications law, and in -house, on behalf of leading companies. Since February 2022 has been a founding partner of the law firm Gambino-Scanzano-Pesce-Bavasso and head of corporate-M&A-private equity and TMT. She is an independent director of Philogen S.p.A. (as well as lead independent director) and First4Progress S.p.A.; she is also a director of Ericsson Telecommunications S.p.A..
Ivonne Forno
In the process of being updated
This has investigative, advisory and proposal-related functions with regard to the remuneration of directors, statutory auditors and top management as well as the breakdown and size of the Board of Directors, through the formulation of opinions, recommendations and proposals.

The Appointments and Remuneration Committee is an internal board committee, made up of 3 directors, all meeting the independence requirements of the Consolidated Finance Law and the Corporate Governance Code.
The Appointments and Remuneration Committee currently in office was appointed by the Board of Directors on 29 June 2022 and will remain in office until the end of the mandate of the Board of Directors.

 
Federica Casalvolone
Presidente
Federica Casalvolone
Born in Biella (BI) on 8 November 1971. She has a degree in Economics and Commerce from the University of Pavia. Enrolled in the Board of Accountants and Commercial Experts of Vercelli and Biella since June 1996. Enrolled in the Board of Accountants and Commercial Experts of Biella from October 1998 until June 2001. Enrolled in the Register of Chartered Accountants and Accounting Experts of Biella since June 2001. Enrolled in the Register of Statutory Auditors since December 1999. Since 1991 she has worked with Studio Bernero – Barazzotto, a professional firm in Biella, first as a trainee Accountant, then as an independent professional accountant, then as a trainee Chartered Accountant/Statutory Auditor and finally a partner. She currently carries out professional, accounting, corporate and tax consultancy activities for various companies, operating at the offices in Biella and Milan. Among other things, she deals with extraordinary transactions, analyses of company situations and assessments, assistance in negotiations and tax aspects relating to acquisitions and sales of companies, business units, controlling or minority shareholdings, preparation of due diligence reports for companies that buy or sell companies, business units, examination of corporate documentation and documents relating to properties and contracts, feasibility studies and execution of corporate restructuring transactions, including mergers, transfers, demergers, transformations, liquidations and insolvency proceedings of companies and entities.
Leonardo Luca Etro
Componente
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Ivonne Forno
Componente
Ivonne Forno
In the process of being updated
Federica Casalvolone
Born in Biella (BI) on 8 November 1971. She has a degree in Economics and Commerce from the University of Pavia. Enrolled in the Board of Accountants and Commercial Experts of Vercelli and Biella since June 1996. Enrolled in the Board of Accountants and Commercial Experts of Biella from October 1998 until June 2001. Enrolled in the Register of Chartered Accountants and Accounting Experts of Biella since June 2001. Enrolled in the Register of Statutory Auditors since December 1999. Since 1991 she has worked with Studio Bernero – Barazzotto, a professional firm in Biella, first as a trainee Accountant, then as an independent professional accountant, then as a trainee Chartered Accountant/Statutory Auditor and finally a partner. She currently carries out professional, accounting, corporate and tax consultancy activities for various companies, operating at the offices in Biella and Milan. Among other things, she deals with extraordinary transactions, analyses of company situations and assessments, assistance in negotiations and tax aspects relating to acquisitions and sales of companies, business units, controlling or minority shareholdings, preparation of due diligence reports for companies that buy or sell companies, business units, examination of corporate documentation and documents relating to properties and contracts, feasibility studies and execution of corporate restructuring transactions, including mergers, transfers, demergers, transformations, liquidations and insolvency proceedings of companies and entities.
Leonardo Luca Etro
Born in Milan on June 22, 1978, since 2002 he has been professor of Corporate Finance at the SDA Bocconi School of Management and at the Luigi Bocconi University of Milan. At SDA Bocconi School of Management (School of Business Management of Bocconi University), he is director of the Administration, Control, Corporate Finance and Real Estate Area in the two-year period 2015-2016, Member of the Management Committee from 2015 to 2020 and Director of International Development from 2018 to 2020. He carries out professional strategic-financial and investment consultancy activities through the companies Madison Corporate Finance and Madison Capital, established in 2007 and 2011, respectively. He is an independent director in various companies.
Ivonne Forno
In the process of being updated
Board of Statutory Auditors and Supervisory Body
This is the body with control functions. It monitors compliance with the law, regulations and the Articles of Association, correct management and the adequacy of the organisational and accounting structures.
It is made up of three standing auditors and two alternate auditors.
 
Gianluca Bolelli
President
Gianluca Bolelli
Born in Castel Maggiore (BO), on 18 September 1959. Graduated in Business Economics at Luigi Bocconi University in Milan, where he also obtained the qualification to practice as a Chartered Accountant. Registered in the Register of Legal Auditors and the Register of Technical Consultants at the Court of Milan and registered in the Register of Public Journalists of Milan. Co-founding partner of Studio Bolelli, Sportelli, de Pietri-Tonelli Dottori Commercialisti Associati in Milan and specialized in corporate and tax consultancy at national and international level, including for extraordinary financial transactions (M&A); consultancy in the field of family businesses and assistance in structuring corporate governance. President and member of the Board of Statutory Auditors as well as Director of numerous companies, including listed companies and/or subject to the supervision of the Bank of Italy. He has had teaching experience and is the author of publications (such as: Vademecum of international taxation – Publisher Il Sole 24 Ore; Taxation of financial income I and II edition – Publisher Il Sole 24 ore; Inheritance and gift tax in family businesses (AIdAF); Reform of the law of inheritance agreements (AIdAF); Protection and development of family assets: The Trust (AIdAF)).
Maria Enrica Spinardi
Standing statutory auditor
Maria Enrica Spinardi
Nasce a Torino il 14 luglio 1960. Nel 1983 si laurea in Economia e Commercio presso l’Università di Torino. Dal 1983 al 1985 lavora come internal auditor in Olivetti S.p.A. Dal 1985 svolge attività di revisione in una primaria società di revisione. Dal 1996 è revisore contabile. È iscritta al registro dei Revisori degli Enti Locali. Dal 2001 al 2012 è socio di una primaria società di revisione. Svolge attività di consulenza e di revisione legale. È sindaco e membro di alcuni Organismi di Vigilanza ex D. Lgs. n. 231/2001.
Paolo Francesco Maria Lazzati
Standing statutory auditor
Paolo Francesco Maria Lazzati
Born in Milan on May 16, 1958. He graduated in Economics and Business from the Università Cattolica del Sacro Cuore in Milan (Business Economics major) and is qualified to practice as a chartered accountant. He began his career at the firm of Gaetano Lazzati. In 1990, after a period of collaboration, he joined the law firm Prof. Avv. Paolo Maria Tabellini e Associati as an associate and in 2000 he founded his own professional firm, where he mainly provides tax and corporate assistance to companies and groups, including during the phases of reorganization, expansion and corporate restructuring, as well as assistance to families in the management and organization of their assets. He was a lecturer in the Tax Law course from 1993 to 2001 at the University of Trento and from 2000 to 2015 at the University of Pavia, always at the Faculty of Economics and Business. He has held and holds positions as director, auditor and chairman of the board of auditors in various companies.
Gianluca Bolelli
Born in Castel Maggiore (BO), on 18 September 1959. Graduated in Business Economics at Luigi Bocconi University in Milan, where he also obtained the qualification to practice as a Chartered Accountant. Registered in the Register of Legal Auditors and the Register of Technical Consultants at the Court of Milan and registered in the Register of Public Journalists of Milan. Co-founding partner of Studio Bolelli, Sportelli, de Pietri-Tonelli Dottori Commercialisti Associati in Milan and specialized in corporate and tax consultancy at national and international level, including for extraordinary financial transactions (M&A); consultancy in the field of family businesses and assistance in structuring corporate governance. President and member of the Board of Statutory Auditors as well as Director of numerous companies, including listed companies and/or subject to the supervision of the Bank of Italy. He has had teaching experience and is the author of publications (such as: Vademecum of international taxation – Publisher Il Sole 24 Ore; Taxation of financial income I and II edition – Publisher Il Sole 24 ore; Inheritance and gift tax in family businesses (AIdAF); Reform of the law of inheritance agreements (AIdAF); Protection and development of family assets: The Trust (AIdAF)).
Maria Enrica Spinardi
Nasce a Torino il 14 luglio 1960. Nel 1983 si laurea in Economia e Commercio presso l’Università di Torino. Dal 1983 al 1985 lavora come internal auditor in Olivetti S.p.A. Dal 1985 svolge attività di revisione in una primaria società di revisione. Dal 1996 è revisore contabile. È iscritta al registro dei Revisori degli Enti Locali. Dal 2001 al 2012 è socio di una primaria società di revisione. Svolge attività di consulenza e di revisione legale. È sindaco e membro di alcuni Organismi di Vigilanza ex D. Lgs. n. 231/2001.
Paolo Francesco Maria Lazzati
Born in Milan on May 16, 1958. He graduated in Economics and Business from the Università Cattolica del Sacro Cuore in Milan (Business Economics major) and is qualified to practice as a chartered accountant. He began his career at the firm of Gaetano Lazzati. In 1990, after a period of collaboration, he joined the law firm Prof. Avv. Paolo Maria Tabellini e Associati as an associate and in 2000 he founded his own professional firm, where he mainly provides tax and corporate assistance to companies and groups, including during the phases of reorganization, expansion and corporate restructuring, as well as assistance to families in the management and organization of their assets. He was a lecturer in the Tax Law course from 1993 to 2001 at the University of Trento and from 2000 to 2015 at the University of Pavia, always at the Faculty of Economics and Business. He has held and holds positions as director, auditor and chairman of the board of auditors in various companies.
This monitors the functioning of the Organisational Model, its effectiveness and its observance and ensures its updating.
It consists of two members.
Vittore D'Acquarone
President
Vittore D'Acquarone
He graduated in Law in Milan in 1992. He has been admitted to the special register of lawyers entitled to appear before the Court of Cassation and higher courts since 2009. He has also qualified as a Solicitor in the UK and obtained a specialization in Ethics & Compliance at the Center for Business Ethics of Bentley University in Boston. He is a founding partner of the law firm Bd’A Bignotti e d’Acquarone Avvocati Associati and is, in particular, head of the Criminal Law department, which since 2001 has developed with a specific focus on corporate liability pursuant to Legislative Decree 231/2001. Formerly President of the Verona Criminal Bar Association and National Co-Coordinator of the 231 Observatory of the Italian Union of Criminal Bar Associations, he is the author of scientific publications in specialist journals and volumes dedicated to compliance, as well as a speaker and lecturer at numerous conferences and training courses. He provides legal defense services for both individuals and legal entities in judicial proceedings, is a member of several supervisory bodies (Organismi di Vigilanza), and acts as a consultant on the implementation strategies of organizational models for domestic companies and international groups.
Margherita De Pieri
Member
Margherita De Pieri
She obtained a Law degree in Turin in 2010. After completing legal and notarial traineeships, she joined a leading multinational company. Since 2013, she has worked within the Legal and Corporate Affairs Department, playing a key role in corporate governance and in managing relations with corporate bodies and supervisory authorities. She supports the Board of Directors and the company’s business functions in their decision-making processes, contributing to the oversight of the internal control system and regulatory compliance. In this capacity, she serves as a member of the Supervisory Body pursuant to Italian Legislative Decree No. 231/2001. She also coordinates the updating of internal regulations and the management of corporate documentation, helping to promote and strengthen a culture of compliance throughout the organization. She has been involved in several strategic projects, including the company’s authorization process for registration in the Single Register of Financial Intermediaries maintained by the Bank of Italy pursuant to Article 106 of the Italian Banking Act (TUB), as well as the company’s initial public offering (IPO) completed in 2022.
Marco Carrelli
Member
Marco Carrelli
He graduated in Economics from the University of Pavia in 2011 and qualified as a Chartered Accountant in 2014. He provides tax and corporate advisory services, with particular expertise in tax planning for corporations, businesses, self-employed professionals, and private individuals, including the preparation of legal opinions on matters relating to tax law, corporate law, and insolvency and business crisis law. He advises clients on extraordinary corporate transactions, international taxation, and tax litigation, providing assistance, representation, and defense in disputes before the First- and Second-Instance Tax Courts. He also advises on succession planning and intergenerational wealth and business transfers.
Vittore D'Acquarone
He graduated in Law in Milan in 1992. He has been admitted to the special register of lawyers entitled to appear before the Court of Cassation and higher courts since 2009. He has also qualified as a Solicitor in the UK and obtained a specialization in Ethics & Compliance at the Center for Business Ethics of Bentley University in Boston. He is a founding partner of the law firm Bd’A Bignotti e d’Acquarone Avvocati Associati and is, in particular, head of the Criminal Law department, which since 2001 has developed with a specific focus on corporate liability pursuant to Legislative Decree 231/2001. Formerly President of the Verona Criminal Bar Association and National Co-Coordinator of the 231 Observatory of the Italian Union of Criminal Bar Associations, he is the author of scientific publications in specialist journals and volumes dedicated to compliance, as well as a speaker and lecturer at numerous conferences and training courses. He provides legal defense services for both individuals and legal entities in judicial proceedings, is a member of several supervisory bodies (Organismi di Vigilanza), and acts as a consultant on the implementation strategies of organizational models for domestic companies and international groups.
Margherita De Pieri
She obtained a Law degree in Turin in 2010. After completing legal and notarial traineeships, she joined a leading multinational company. Since 2013, she has worked within the Legal and Corporate Affairs Department, playing a key role in corporate governance and in managing relations with corporate bodies and supervisory authorities. She supports the Board of Directors and the company’s business functions in their decision-making processes, contributing to the oversight of the internal control system and regulatory compliance. In this capacity, she serves as a member of the Supervisory Body pursuant to Italian Legislative Decree No. 231/2001. She also coordinates the updating of internal regulations and the management of corporate documentation, helping to promote and strengthen a culture of compliance throughout the organization. She has been involved in several strategic projects, including the company’s authorization process for registration in the Single Register of Financial Intermediaries maintained by the Bank of Italy pursuant to Article 106 of the Italian Banking Act (TUB), as well as the company’s initial public offering (IPO) completed in 2022.
Marco Carrelli
He graduated in Economics from the University of Pavia in 2011 and qualified as a Chartered Accountant in 2014. He provides tax and corporate advisory services, with particular expertise in tax planning for corporations, businesses, self-employed professionals, and private individuals, including the preparation of legal opinions on matters relating to tax law, corporate law, and insolvency and business crisis law. He advises clients on extraordinary corporate transactions, international taxation, and tax litigation, providing assistance, representation, and defense in disputes before the First- and Second-Instance Tax Courts. He also advises on succession planning and intergenerational wealth and business transfers.
Audit Firm
EY S.p.A.