CS Prelios - Board of Directors meeting held today


Milan, 29 June 2017 - Under the chairmanship of Giorgio Luca Bruno, the Board of Directors of Prelios S.p.A. met today in Milan.

In today’s meeting, the Board resolved to appoint, pursuant to article 13 of the Company By-Laws, Cesare Ferrero as Deputy Chairman. His appointment as a Company director -through a resolution passed on 13 April 2017 - was confirmed at the Shareholders’ Meeting held on 31 May 2017.

In this context - and with the aim of redefining the delegation of powers within the Board of Directors, with the role of Chairman returning to that of non-executive director which is in line with best market practices - the Board resolved to grant Cesare Ferrero some responsibilities and powers among those held today by the Chairman of the Board of Directors.

In particular - according to what was approved today - in his role as Deputy Chairman of Prelios, Cesare Ferrrero will be responsible, among other things, for supervising and overseeing the administrative, finance and control activities, as well as of the “Director in charge of the internal control and risk management system” pursuant to the Corporate Governance Code for listed companies and, in consequence of the mandate received, he will qualify as an executive director.

The Holding Functions, which report to the General Manager of the Prelios Group, Riccardo Serrini, will provide support to the Deputy Chairman with the goal of ensuring better coordination of the ordinary and extraordinary management of the Company and the business, which remain the responsibility of the General Manager.

The Chairman of Prelios S.p.A. Giorgio Luca Bruno commented: “Deputy Chairman Cesare Ferrero assumes the operating powers that I held ad interim in my role as Chairman following the exit of the Company’s Managing Director in March 2016. With today’s appointment and the assignment of responsibilities to the Deputy Chairman, along with the resulting redefinition of the authority and responsibility structure of the Company, this exceptional period in which I was directly involved comes to an end. The addition of Cesare Ferrero, in light of his significant experience in the Real Estate sector, is in continuity with the performance improvement process that the Prelios Group initiated last year with Riccardo Serrini and the management team, and that is reflected in the positive results reported in the first part of this year”