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LEGISLATIVE DECREE 231/2001

Legislative Decree No. 231 of June 8, 2001 contains the regulatory provisions concerning the “Discipline of the administrative liability of legal persons, Companies and Associations, including those without legal personality,” introducing for the first time in the Italian legal system the administrative liability of companies, associations and other entities, including those without legal personality, which is in addition to the criminal liability of the natural person who committed the illegal act and the civil liability, of a compensatory and restitutory nature, of the natural person and the entity.

A fundamental aspect of Legislative Decree No. 231/2001 is the attribution of exemptive value to the Company’s Organization, Management and Control Models.
In fact, in the case of an offense committed by a person in an apical position, the company is not liable if it proves that:

  • the management body has adopted and effectively implemented, prior to the commission of the act, suitable organization and management models to prevent crimes of the kind that occurred;
  • the task of supervising the operation of and compliance with the models and ensuring that they are updated has been entrusted to a body of the company with autonomous powers of initiative and control;
  • persons committed the crime by fraudulently circumventing the organization and management models;
  • there was no failure or insufficient supervision by the supervisory body.

In the case of a crime committed by a person subject to the management or supervision of others, the entity is liable if the commission of the crime was made possible by the violation of the management or supervisory obligations to which the company is bound.

THE ORGANIZATION, MANAGEMENT AND CONTROL MODEL

In accordance with Legislative Decree No. 231/01 and in order to improve relations with all stakeholders, Wise Equity SGR S.p.a. has equipped itself with its own “Organization, Management and Control Model,” aimed at preventing the commission of offenses that can be abstractly carried out within the scope of the Company’s activities and that may result in the administrative liability of the Company when carried out in the interest/advantage of the same.

The Model is continuously updated and improved in the light of experience, case law and doctrinal developments, regulatory developments, and organizational changes in the company.

The 231 Model of Wise Equity SGR S.p.a. consists of:

  • a “general part,” which outlines the basic outlines of the Model, the duties of the Supervisory Board, and the construction and purpose of the organizational model;
  • a “special part,” which identifies the areas of crime risk and relevant cases based on the company’s specific business;
  • Operational protocols, which define internal procedures and control safeguards.

Within this structure, the following sections are highlighted:

  • Disciplinary System, aimed at ensuring the preceptiveness of the ethical and behavioral principles adopted by the company as well as all other procedures governing its activities;
  • Supervisory Board, which has the task of supervising the operation of and compliance with the Model and is given prerogatives as a second-level control function;
  • System for so-called “Whistleblowing,” which allows for the reporting of wrongdoing and/or irregularities, including suspicions, ensuring absolute confidentiality of the identity of the reporter and guaranteeing them maximum protection against retaliatory attitudes or any form of discrimination or penalization;
  • Sensitive Areas and identification of.​​​​​​​​​​​​
    • Company activities/processes within the scope of which the offenses-presumed offenses may be committed;
    • perpetrable crimes;
  • Information flows to the Supervisory Board in order to enable it to carry out its duties.

THE SUPERVISORY BODY

Concurrently with the adoption of Model 231, the corresponding Supervisory Board was established.
It, appointed by the Board of Directors by special resolution after verifying the requirements of honorability and professionalism, as well as the absence of potential conflicts of interest, operates autonomously and independently.
The Supervisory Board:

  • takes care of the adequacy of the Model, submitting to the Board of Directors any changes and/or additions that become necessary in light of regulatory or organizational changes or in the event that gaps become apparent at the outcome of its own audits;
  • conducts audits as a second-level control function, at the outcome of which it makes any proposals for action or improvement;
  • ensures the dissemination of the contents of the Model with periodic training programs.

Currently, the Supervisory Board of Wise Equity SGR S.p.a. is a collegial body composed of 3 members.