Luigi Lavazza S.p.A. has adopted an administration and control model that consists of one management body — the Board of Directors — and one control body, the Board of Auditors. Accounting control is carried out by an auditing company.
The corporate governance system is based on general regulations, the articles of association, the Code of Ethics and the internal regulations of the Lavazza Group.
Board of Directors
The Board of Directors is the central body of the corporate governance system adopted by Luigi Lavazza S.p.A.
It exerts with the broadest powers for the management of the company and the strategic direction of the Lavazza Group, to which the company reports. In addition to the powers granted to it pursuant to the law and the articles of association, the Board of Directors also has exclusive authority regarding the most important decisions, from an economic and strategic perspective.
For the three-year period 2020-2022, the Board of Directors consists of fifteen members: the Chief Executive Officer, an Executive Director, six non-executive directors belonging to the Lavazza Family, and seven independent, non-executive directors.
The Board of Directors is led by the company’s President Alberto Lavazza, alongside its Vice Presidents Giuseppe and Marco Lavazza and Chief Executive Officer Antonio Baravalle.
Board of Auditors
The Board of Auditors has the task of overseeing compliance with the law and the articles of the association, observance of the principles of sound administration and, within its sphere of competence, the adequacy of the internal quality control system, the organisational, administrative and accounting structure, and its effective operation.
The members of the Board of Auditors for the three-year period 2019-2021, appointed by the Shareholders’ Meeting on 30 April 2019, are as follows:
· Gianluca Ferrero – President
· Bernardo Bertoldi – Statutory auditor
· Angelo Gilardi – Statutory auditor
· Maurizio Giorgi – Alternate auditor
· Nicoletta Paracchini – Alternate auditor
The statutory audit of the accounts for the financial years 2019-2020-2021 was entrusted to auditing company Ernst & Young S.p.A., at the Shareholders’ Meeting on 30 April 2019.
The auditing company was appointed in accordance with the articles of the Shareholders’ Meeting, as suggested by the Board of Auditors, and it carries out its duties independently and autonomously.