Our Governance

Our Governance System follows a series of principles, rules and procedures consistent with the criteria laid down by the Corporate Governance Code for listed companies promoted by Borsa Italiana (the Italian Stock Exchange), subscribed to by us since 2001. 

Our corporate governance system essentially aims to create medium-long term sustainable value for our shareholders, bearing in mind the social importance of our operations and the need to duly consider all the interests involved. It is based on four pivotal elements:

  • The central role of the Board of Directors
  • The correct handling of conflict-of-interest situations
  • Transparency in the communication of company management decisions
  • The efficacy and efficiency of the Internal Control and Risk Management system.

The Acea Spa Board of Directors defines the strategic guidelines for the group and is responsible for corporate governance, pursuing the sustainable success thereof. As recommended by the Corporate Governance Code, the parent company BoD has set up three Committees, each with a proactive, advisory role:

  • Control and Risks Committee
  • Appointments and Remuneration Committee
  • Ethics, Sustainability and Inclusion Committee

In accordance with CONSOB requirements, the Committee for Related Party Transactions, is composed exclusively of independent directors, who have been granted investigative, proactive and advisory powers to assess and decide on related-party transactions.  

In addition to the Committees required by law or recommended by the Corporate Governance Code, a Communities Committee has been set up, comprising three non-executive and independent directors. This Committee has been assigned instructional, advisory and monitoring duties with a view to ensuring a healthy and virtuous development of the relationship with the communities where the Group operates, with special reference to the process concerning the Acea Group’s granting of sponsorships and donations, in observance of corporate prerogatives and the legal and regulatory constraints applicable to individual subsidiaries.

The Board of Statutory Auditors monitors regulatory compliance and oversee the group's correct administration.

The Annual General Meeting appoints the Board of Directors and the Board of Statutory Auditors using the vote by slate system. Each year, it approves the annual financial statements and, if necessary, is convened in extraordinary session for any resolutions within its sphere of competence according to law and the Articles of Association.

Click to find out more.

Supervisory body

A body vested with full, autonomous powers of initiative, action, and control, with the duty of ensuring the fuctioning, efficacy and observance of the Organizational and Management Model (OMM).


CEO: as Chief Executive Officer and Director in charge of the Internal Control and Risk Management System, he is the person mainly responsible for the management of the Company.

Governance report

The 2023 Report on Corporate Governance and Ownership Structures  contains information on Acea's Corporate Governance system and observance of the recommendations set out in the Corporate Governance Code for listed companies issued by Borsa Italiana. The report is updated at least once a year.

Articles of Association

The current Articles of Association were approved by the Extraordinary Annual General Meeting of 18th April 2023. The Articles of Association establish the company name, head office, duration and the company's corporate purpose, its share capital, the characteristics of shares and debentures and the corporate bodies.  

Policy for management of the dialogue with Institutional investors, Shareholders and Bondholders

We consider that engagement with our stakeholders, through constant and open dialogue based on a mutual understanding of each other’s roles, contributes to the creation of shared value over the medium to long term.

In keeping with best practice provisions, on 10 November 2021 Acea’s Board of Directors approved the Company’s Policy for management of the dialogue with Institutional investors, Shareholders and Bondholders (“Engagement Policy”).

Read the online version

Auditing Firm

The certified audit of the accounts is performed by the independent auditors PwC.
The person in charge of the audit is Luigi Necci.

Pursuant to Article 149-duodecies of the CONSOB Issuers’ Regulation, the following table sets out the fees accrued by PwC during 2023.

€ thousand
Type of service

Parent company auditing company

Parent company auditing company network


Independent auditing of the accounts




Certification services




Other services




Total Fees




Regulated information and storage mechanisms

To disseminate and store Regulated Information, Acea SpA has chosen to use SISTEMA 1INFO, managed by Computershare SpA, with head office in via Lorenzo Mascheroni 19, Milan, authorised by Consob.

Sistema 1info 


Discover the latest news and initiatives of the Acea Group