Yearly assessment of Board members performed pursuant to the Corporate Governance Code
The Board of Directors of Banca Monte dei Paschi di Siena has today approved the Bank's draft financial statements and the Montepaschi Group's consolidated financial statements as at 31 December 2015, confirming the results already approved by the Board and disclosed to the market on 5 February 2015, which should be referred to for further details.
The Bank ended 2015 with a consolidated net profit of Euro 388 million, including the effect of the restatement of the Alexandria transaction as a CDS derivative, at the request of Consob. The Board of Directors approved to propose to the Shareholders’ Meeting to allocate the Parent Company’s standalone net profit (Euro 416.6 million) and available reserves (Euro 54 milion) to cover part of the negative reserves (totalling Euro 708 million) resulting from the restatement of Alexandria and the costs of the rights issue carried out in 2015. The proposal will be submitted at the Bank’s next Shareholders’ Meeting and, if approved, the outstanding negative reserve would amount to Euro 237.4 million.
In accordance with the Corporate Governance Code for listed companies, the Board also performed its yearly assessment of the requirements of its directors, in particular confirming that the independence requirement has been met pursuant to the Consolidated Finance Act and the Corporate Governance Code for listed companies for the directors: Stefania Bariatti, Daniele Bonvicini, Lucia Calvosa, Maria Elena Cappello, Alessandro Falciai, Fiorella Kostoris, Stefania Truzzoli and Antonio Turicchi.
Pursuant to para. 2, article 154-bis of the Consolidated Law on Finance, the Financial Reporting Officer, Mr. Arturo Betunio, declares that the accounting information contained in this press release corresponds to the underlying documentary evidence and accounting records.