Corporate Governance

Paolo Merloni, Executive Chairman

2018 was another positive year, and our performance confirmed once again the Group’s solidity and ability to adapt. Revenue grew by 3.4% compared to 2017, continuing our growth path. The external environment was mixed: we faced some headwinds, with the Chinese economy slowing, the exchange rate worsening and raw material costs increasing, while on the other hand, many of our key markets experienced a positive demand trend. We grew and gained market shares in many countries, consolidating and reinforcing our presence in all the markets in which we operate. Investments and R&D spending, focused on innovation and sustainability, significantly increased in 2018, marking a new record in the history of Ariston Thermo. As such, we are better positioned to continue our growth, and reinforce our very solid position.

The governance system

Effective risk management, integrated into the governance system, is a key factor to protecting the Group’s value over time. The Group’s Internal Control System has therefore been gradually expanded, drawing inspiration from, among other sources, the principles laid down in Article 7 of the Corporate Governance Code for Listed Companies promoted by Borsa Italiana, to the extent applicable. The corporate organisation thus consists of management committees and/or internal committees within the Board of Directors of Ariston Thermo SpA, organised as follows:
Francesco Merloni non-executive   21.07.1986
Paolo Merloni executive A*, B 28.04.1997
Laurent Jacquemin executive   24.03.2017
Sara Dethridge non-executive / independent   03.05.2018
Andrea Guerra non-executive / independent A 07.05.2012
Roberto Guidetti non-executive / independent B 29.01.2014
Maria Francesca Merloni non-executive   24.09.2008
Gianemilio Osculati non-executive A 04.05.2007
Paolo Tanoni non-executive   11.01.2002
Marinella Soldi non-executive / independent B* 05.05.2016
Enrico Vita non-executive / independent A 03.05.2018
* Committee Chairman
A - Strategic
B - Human resources and Remuneration


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