Corporate-governance Corporate-governance Corporate-governance Corporate-governance Corporate-governance

Corporate Governance

Lawfulness and transparency are the fundamental principles of our activities

Corporate Bodies


Board of Directors

SACE operates through a traditional model of administration and control. The Board of Directors consists of seven members and has the widest possible powers to administer the Company, in compliance with the law and the Articles of Association.

The Board is in charge of:

  • the management of the Company and fulfilment of all the operations needed to implement the corporate purpose;
  • the assessment of the adequacy of the organisational, administrative and accounting structures of SACE, of which it constantly monitors the actual performance and examines the strategic, industrial and financial plans;
  • the implementation of internal control, for which it is responsible, guaranteeing the identification, assessment and control of the most important corporate risks.
Since 2016 he has been an independent member of the Board of Directors of SACE. He has been Chief Executive Officer of Pirelli Industrial since October 2016. He joined the Pirelli Group in 2012 and since then he has been Executive Chairman of the Group in Latin America. Before joining the Pirelli Group, he gained 25 years’ experience in key positions in Europe and South America in the infrastructure and TMT sector. Among the various positions he has held, he has been Chief Executive Officer of the Italian newspaper La Repubblica. He has been Chief Executive Officer of the Seat Group and of Wind Telecomunicazioni, as well as Chairman for South American operations of Telecom Italia, where he led Tim Brasil to success. He has also been Senior Advisor for the Dutch private equity boutique Cyrte Investment. He has been a member of the BoD of various listed companies, including Terna Spa. In 2009 he was awarded honorary citizenship of Rio de Janeiro for his business merits.
He has been an independent member of the Board of Directors of SACE since June 2016. He is Chief Executive Officer of Arpinge and Adjunct Professor at LUISS Business School, where he also runs the International Finance course for the Master in economics. He has gained wide experience in project financing, real estate funds and private equity, with executive roles at Mediocredito Centrale and Schroder, and at the head of bodies such as ANCE, F2i, Ream SGR and Fimit SGR. He has been a director of various companies, including BNP Paribas REIM SGR, Invimit SGR and Geoweb. Among his international roles, he was a member of the group of experts set up by the European Commission on closed and real estate funds and of the Frankfurt Club. He has written papers and research studies on financial innovation, credit systems and financial markets, and has written several published works and collaborates with national newspapers.

Governance: other companies of the Group

SACE SIMEST originates from the union of different companies, each has its own internal structure.














Board of Statutory Auditors

The Board of Statutory Auditors oversees the compliance with the law and the Articles of Association, in respect of the proper administration principles, the adequacy and correct functioning of the organisational, administrative and accounting structures.

Silvio Salini Chairman

Gino Gandolfi Standing Auditor

Moira Paragone Standing Auditor

Marco Brini Alternate Auditor

Cinzia Marzoli Alternate Auditor

Guido Carlino Acting Representative of the Court of Auditors

Independent auditors PricewaterhouseCoopers S.p.a. | Auditor Alberto Buscaglia

Legality and transparency are the founding principles of our activities

SACE operates within a governance system which defines the means and rules for managing and controlling the company. This system is founded on prevention and control arrangements represented by the Code of Ethics and by the Organisation, Management and Control Model.

The Code of Ethics expresses the values and principles which must be observed by directors, statutory auditors, external auditors, managers, employees, contractors and third parties who have relationships with SACE and its subsidiaries.

The Organisation, Management and Control Model is addressed to directors and all those holding representation, administration and management positions within the company; to people bound by employment contracts and to third parties linked by subordinate or parasubordinate employment relationships. The Model has the following purposes:

  • allow SACE’s exemption from administrative liability should offenses be committed
  • improve the corporate governance system
  • set up a structured and consistent prevention and control system aimed at reducing the risk of offenses committed in relation to corporate activities
  • spread, among all individuals working in the name and on behalf of SACE, awareness that any offences committed may incur not only personal but also corporate sanctions
  • inform all those working in any capacity in the name, on behalf or in the interest of SACE that the violation of the provisions of the Model shall result in sanctions, including the possible termination of employment
  • reaffirm that the company does not tolerate unlawful behaviour, since contrary to the ethical principles upon which it is based
  • actively reprimand any behaviour which violates the Model, through disciplinary or contractual sanctions.


Whistleblowing: notifications of illegal conduct

Do you know about any illicit behaviour relevant to Model 231, Code of Ethics, Internal Regulations, both Corporate and Group level, Anti-Money Laundering legislation as well as TUF and MAR regulation? Now you can report it!

CDP Group makes available to all the employees - but also to all the contractors, consultants, partners, suppliers, business counterparties of CDP Group, as well as any person of interest - a platform (“whistleblowing”) to report illicit behaviours relevant to the Model 231, Code of Ethics, internal regulations, both corporate and Group level, anti-money laundering legislation as well as TUF and MAR regulation (SACE and SACE BT). People who report must be aware of the facts due to their role in the company.

In compliance with the Italian Law 179/2017 (whistleblowing) CDP Group ensures the confidentiality of the reporting person identity in order to, amongst other things, protect him/her from any retaliation and/or discrimination that may occur because of the report. It is possible to submit a report by accessing directly from the CDP corporate website: here there is the webpage that must be used to activate directly the illicit conducts report (whistleblowing) simply filling a web form.

In this way the Company cannot acquire information about the reporter identity autonomously, which is supervised by an external law firm that does not have access to the content of the report