Expert Corporate Governance Service (ECGS)
EUR 1000.00 For Business Accounts Only

SNAM - EGM 23 October 2019

Italian Law n. 120/2011 introduced a temporary minimum representation (33%) of each
gender within all Boards of Italian listed companies. The legal requirements expired at
the Snam's Board election of April 2019. In item 1 (extraordinary business), the Board of
Directors proposes to amend the Company's Bylaws by introducing the statutory
requirement that each gender shall represent at least one third of the members of the
corporate bodies (Board of Directors and Board of Statutory Auditors), even after the
expiration of legal requirements. We recommend to vote FOR.
In item 2 (ordinary business), it is proposed to terminate the mandate of
PricewaterhouseCoopers (PwC) in 2020, and to appoint Deloitte as independent auditor
for the 2020-2028 period. The proposal aims to align the auditing procedures of Snam
with those of its controlling shareholder CDP SpA and all the companies included in its
consolidation scope. The selection process and the criteria for assessing the offers are
duly disclosed. In our opinion, the appointment of a single auditor for all companies
included in a consolidated group may ensure greater effectiveness and efficiency in the
auditing process. Also taking into account that the annual fees proposed by Deloitte are
reasonable (-20% as compared with audit fees paid to PwC), and that no concerns arise
over the procedures for the selection of the new auditor, we recommend to vote FOR.


Snam is engaged in the construction and integrated management of natural gas infrastructure. It manages the gas systems, develops infrastructure and provides integrated services for the market. Co. is also engaged in natural gas transportation, storage, regasification and urban distribution. Co. manages a national transportation network, including eight storage facilities, one regasification plant and a local distribution network.


Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Neoh Jiaman
Other Reports from Proxinvest
Other Reports from these Analysts