The Board of Auditors performs control functions with regard to the administration of the Bank to verify compliance with the law, the Statute and the General Regulations. It consists of five standing members, including the chairman, and two alternates. The members of the Board of Auditors are appointed by the shareholders' meeting to a term of office of three years and may be re-elected no more than three times.

The Board carries out accounting checks, without prejudice to the activity of the external auditors, examines the annual accounts and submits a report thereon to the shareholders' meeting, and expresses its opinion on the distribution of the net profit.

The Board checks that the accounts are properly kept and that operations are correctly entered in the account records, examines the annual accounts and expresses its opinion on the distribution of the net profit.

A member of the Board of Auditors participates in the meetings of the internal audit advisory committee as an observer.

Remuneration of the members of the Board of Auditors

Standing members of the Board receive an annual remuneration amount of €26,430 to the auditors and €31,710 to the chairman, gross of withholding taxes and social security contributions. The alternate auditors receive an annual amount of €10,000, gross of withholding taxes and social security contributions. These annual remuneration amounts have been approved until 31 March 2022.

AUDITORS

Chairman: Gaetano Maria Giovanni PRESTI - Professor of Law, Università Cattolica del Sacro Cuore - Milan

Standing Auditor: Giuliana BIRINDELLI - Professor of Business Economics, 'Gabriele D’Annunzio' University of Chieti-Pescara

Standing Auditor: Lorenzo DE ANGELIS - Professor of Commercial Law, Ca' Foscari University, Venice

Standing Auditor: Anna Lucia MUSERRA - Professor of Business Economics, University of Bari

Standing Auditor: Sandro SANDRI - Professor of Corporate Finance, University of Bologna

Alternate Auditor: Giovanni LIBERATORE - Professor of Economics, University of Florence

Alternate Auditor: Giuseppe MELIS - Professor of Tax Law, LUISS University Rome