Board of Statutory Auditors. (a) The board of statutory auditors of MergeCo shall comprise three standing members and two alternate members, appointed for a three-year term. Whenever MergeCo is required to appoint all members of the board of statutory auditors under the applicable law, the Company shall take all steps necessary for the appointment of one standing member and one alternate member proposed by each Major Shareholder of the Company (designated by the Shareholders in accordance with clause 6.7). The right to propose the third standing member of the board of statutory auditors will rotate between each Major Shareholder every time MergeCo is required to appoint all members of the board of statutory auditors under the applicable law. The Company shall take all steps necessary for the appointment of (i) the member so designated as third standing member of the board of statutory auditors; and (ii) the standing member proposed by the other Major Shareholder as chairman of the board of statutory auditors. The Major Shareholders shall agree the appointment of the first chairman.
Board of Statutory Auditors. 5.1 The board of statutory auditors of the Companies shall be composed of three effective members and two alternate members. The term of office of the board of statutory auditors shall be three years.
Board of Statutory Auditors. The Board of Auditors of Newco shall be appointed through a voting slate system, according to the following provisions: (a) CNRC shall be entitled to appoint 2 effective auditors and 1 alternate auditor; (b) the Class B Shareholders shall be entitled to appoint 1 effective auditor, who shall be the Chairman of the Board of Statutory Auditors, and 1 alternate auditor. Upon request of CF or LTI (also jointly with LTI Ita) the Board of Statutory Auditors shall be increased to 5 effective members to be appointed as follows: (i) CNRC shall be entitled to designate 3 effective members, one of which shall be the Chairman of Board of Statutory Auditors;
Board of Statutory Auditors. 29.1 The Shareholders' Meeting elects the Board of Statutory Auditors, consisting of 5 (five) statutory members and 2 (two) alternate members, who meet the legal requirements. Pursuant to article 11(2) and (3) of the Decree no. of the Ministry of Transport and Navigation of 12 November 1997 no. 521, one statutory auditor is appointed by the Ministry of Economy and Finance and another is appointed by the Ministry of Infrastructure and Transport; the statutory auditor appointed by the Ministry of Economy and Finance assumes the function of Chair of the Board of Statutory Auditors. The other auditors are elected in accordance with the provisions of articles 6.2(b) and 6.3(b) above. The auditors remain in office for 3 (three) years and their term in office expires on the date of the Shareholders' Meeting called to approve the financial statements for the third year of their term in office. Auditors who leave office may be re-elected. In the event that one or more of the members of the Board of Statutory Auditors are not appointed by the Shareholders entitled to such right, they shall be appointed by the ordinary shareholders' meeting with the majorities required by law, with the vote of all the Shareholders attending the meeting and regardless of the category of Shares they hold and of the provisions of articles 6.2(b) and 6.3(b).
Board of Statutory Auditors. The Board of Auditors of Newco shall be appointed through a voting slate system, according to the following provisions: (a) CNRC shall be entitled to appoint 2 effective auditors and 1 alternate auditor; (b) the Class B Shareholders shall be entitled to appoint 1 effective auditor, who shall be the Chairman of the Board of Statutory Auditors, and 1 alternate auditor. Upon request of CF or LTI the Board of Statutory Auditors shall be increased to 5 effective members to be appointed as follows: (i) CNRC shall be entitled to designate 3 effective members, one of which shall be the Chairman of Board of Statutory Auditors; (ii) CF shall be entitled to designate 1 effective member and 1 alternate auditor; and (iii) LTI Newco shall be entitled to designate 1 effective member and 1 alternate auditor. Resolutions of the corporate bodies The Parties agree that the resolutions of the competent corporate bodies of Newco shall be validly adopted in accordance with the following principles:
Board of Statutory Auditors if Pirelli is not delisted
Board of Statutory Auditors. During the First Term the Board of Statutory Auditors is composed as follows:
Board of Statutory Auditors. For the entire duration of the Shareholders’ Agreement the Board of Statutory Auditors shall be composed as follows:
