The Articles of Association are the document that defines the essential characteristics of the company and dictates the main rules of organisation and operation.

The articles of association define the management and control model adopted and lay down the basic guidelines for the composition and division of powers of the corporate bodies and the relationships between them.

The Articles of Association also establish the role of the shareholders and the criteria for the appointment of the members of the Board of Directors and the Board of Statutory Auditors, who contribute to the management and control of the company at the highest level.

The Articles of Association, which may be amended by the Shareholders’ Meeting, also describe the rights of shareholders and how they may be exercised. In the event that the amendments are required to comply with regulatory provisions, the Board of Directors may pass a resolution to that effect.