Corporate Governance

BUILDING A SUSTAINABLE FUTURE:
OUR COMMITMENT IN THE 90TH ANNIVERSARY OF THE GROUP
Paolo Merloni, Executive Chairman

Over the course of 2019 we have continued our path to deliver a profitable growth. We grew our revenues by over 6%, increased all of our profitability indicators, and posted an outstanding performance on cash generation. All the economic and financial indicators hit an all-time record for our Group. Looking more into the details, all our Divisions and Business Units posted positive results. I am particularly pleased with the performance we achieved in the renewable solutions, especially in hydronic heat pumps: a very positive signal that the investments we passionately pressed over in the last years on R&D (with, among other, our innovation center Ariston Thermo Innovative Technologies near Milan), on our new plant focused on the most energy-efficient technologies in Albacina (Marche) and on the development of innovative go-to-market in various countries are paying-off.

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:
NAME DIRECTOR COMMITTEE PRIMA NOMINA
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

INDEPENDENT AUDITORS

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