The one-tier governance system has been in place in Intesa Sanpaolo since 27 April 2016. It combines, in practice, the simultaneous exercise of strategic supervision and control, which has already demonstrated its efficiency and effectiveness in the implementation of the two-tier system previously in place. The main advantages of the one-tier governance system are that it:
centralises the strategic supervision and management roles in a single body, ensuring the following benefits:
a more direct relationship between those in charge of determining the strategic direction (the Board in its plenary session) and those in charge of implementing it (the Managing Director);
immediacy in the flow of information, thus saving time and costs;
greater interaction and dialogue between those in charge of ensuring that management is consistent with strategic guidelines (the Board as a whole, but especially the non-executive members) and the Managing Director;
ensures the effectiveness of the control function which remains centralised in a committee (the Management Control Committee) established within the Board and, therefore, participating in strategic decisions.