Corporate governance policies

Parmalat and its corporate governance bodies follow the principles of correct corporate and enterprise management, as well as the rules of self-government issued by Borsa Italiana S.p.A. and those set forth in the Group’s Code of Conduct and in the Code of Ethics.

Code of Corporate Governance

On July 12, 2016 , The Board of Directors of Parmalat S.p.A.,confirmed its adoption of the Corporate Governance Code for Listed Companies, as updated in July 2018 by the Corporate Governance Committee sponsored by Borsa Italiana S.p.A.and , further to and consistent with the amendments to Article 18 of the Bylaws approved by the Shareholders’ Meeting on April 29, 2016, the Board of Directors approved a resolution voiding the Corporate Governance Code adopted by Parmalat in 2005.

Additional information about the Corporate Governance rules followed by the Italian companies can be found on the Borsa Italiana website.

Code of Ethics

Parmalat’s Code of Conduct is part of the ethical principles and values defined in the group’s Code of Ethics. The Code of Ethics has been prepared to ensure that the values of the Parmalat Group are clearly defined, to provide a solid foundation for the Group’s corporate culture and to establish standards of behaviour for all Group Associates in business transactions and other activities.

The Code of Ethics covers four areas: the Group’s Mission, the Principles of Ethics, the Rules of Conduct and the Implementation Rules.

Legislative decree no. 231/2001

The Legislative decree no. 231 of 8 June 2001 (the Decree) regulates the concept of the administrative liability of legal persons, companies and associations, also without legal status (the bodies).

It consists of a form of liability that attributes to the body for offences committed, in their interest or to their advantage, by persons who have a working relationship with it (persons in apical positions and persons supervised by them).

Diversity Policies

Policy regarding the diversity of the Board of Directors and the Board of Statutory Auditors of Parmalat S.p.A.

The policy governing the diversity of management and control bodies is being adopted in implementation of the provisions of Article 123-bis, Section 2, Letter d-bis), of Legislative Decree No. 58 of February 24, 1998, as amended (“TUF”), pursuant to which companies who are issuers of securities are required to provide a “description of the diversity policies applied with regard to the composition of their administration, management and control bodies concerning such issues as age, gender breakdown and training and professional development, as well as a description of the objectives, implementation modalities and results of the above mentioned policies.”