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

Corporate Governance

Lawfulness and transparency are the fundamental principles of our activities

 

The Export and Internationalization Hub was born in 2016 from the union of SACE and SIMEST, two different companies united by the same mission: the growth of Italian companies in Italy and worldwide

SACE is a joint stock of Cassa Depositi e Prestiti. Since September 2016 it has held 76% of the share capital of SIMEST, the joint stock company which since 1991 has supported by law the growth of Italian companies, through the internationalisation of their activities.

SACE also holds 100% of the shares of SACE Fct, a joint stock company operating in the factoring sector, and of SACE BT, a joint stock company operating in the businesses of Credit, Suretyship and Other Damage to Property. SACE BT, in its turn, holds 100% of the share capital of SACE SRV, a limited liability company specialised in credit recovery and information asset management.

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.

A member of the SACE Board of Directors from 2017 to 2019 and of the Related Parties Committee of the Company, Rodolfo Errore has extensive experience in Investment Banking, Strategic Advisory and Finance.

He is Senior Partner of Cartesius Advisory Network, a global merchant bank focused on strategic advisory and investment banking. Previously Senior Advisor of EY with a focus on finance activities, with particular reference to Infrastructure, Energy and the Oil & Gas sectors. As equity partner of Simmons & Simmons and then of DLA Piper, Errore has provided assistance and consultancy in corporate finance for the structuring of leveraged and management buy-out operations, the establishment of joint ventures, and private equity and M&A transactions.

With regard to Banking and Finance, he provided professional activities in support of various national and international banks and financial institutions in relation to the following sectors: banking, project finance and PPP, real estate finance, acquisition finance (financing contracts, loan syndicates, issue of bonds, structured finance, issue of guarantees and security packages). He has also gained experience in the privatization processes, with particular reference to liberalized sectors of energy, water and essential public services.

Errore was a board member of Sofipa, Arena, Metro5, and Aurelys.

Rodolfo-Errore

He was the Group Chief Risk Officer of Cassa Depositi e Prestiti from June 2016 to December 2019, responsible for Risk Management, Risk Operations, Risk Governance and Compliance & Anti-Money Laundering areas.

He is currently a member of the Investor Committee of the Italian Recovery Fund and of the Board of Directors of AIFIRM and the Technical Expert Group on Sustainable Finance (TEG) for Sustainable Finance for the European Commission. He has also been member of the Board of Directors of Ansaldo Energia. From 2008 to 2016, he was at BNP Paribas Group, where he served as Chief Risk Officer of BNL and BNP Paribas Group for Italy.

He was a member of the BNL Management Committee and Executive Risk Committee of the Group, in addition to holding Director positions at BNPP Leasing Solution, Ifitalia International Factors, Business Partner Italia, CRIF and Associazione Italiana Financial Industry Risk Managers.

Before joining the BNPP Group, he held managerial roles in leading banking groups.

Pierfrancesco-Latini
Ilaria Bertizzolo joined CDP in May 2019 as Head of Coverage Large Corporates, and was subsequently appointed Board Member of SACE S.p.A., Simest S.p.A., CDP Equity and FSI Investimenti S.p.A.

Ilaria was formerly Head of NatWest activities in Italy. Before that, she was Head of Corporate Debt Capital Markets for ABN Amro in Italy since joining the Group in 2001 and, following the merger, held the same role in Royal Bank of Scotland until she took the responsibility of the Corporate business in the country in 2012. Previously, Ilaria was Head of DCM in for UBM in Milan, coming from a five-year experience as Fixed Income Analyst in the Research Department of Caboto SIM.

After graduating with honors in Political Sciences at Alfieri University in Florence, Ilaria completed her Master in Economics at Bocconi University in Milan, and obtained her MSc degree in Finance (LBS/Bocconi) during her early working years.

Ilaria-Bertizzolo
 
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.

Has been board member of SACE since December 2019. He is Professor of the History of International Relations at the Università Stranieri di Perugia (University for Foreigners of Perugia). Previously, he was Deputy Minister for Foreign Affairs and International Cooperation and Undersecretary for Foreign Affairs from May 2013 to June 2018. From November 2011 to April 2013, he was advisor to Prof. Andrea Riccardi, Minister for International Cooperation and Integration, and head of the Italian government’s commission on international cooperation.Previously, he was in charge of Africa and Middle East for the International Department of CISL (Italian Confederation of Workers’ Trade Unions).He has been a member of the Community of Sant’Egidio since 1975 and has been involved in programmes relating to Africa, in particular, in mediating peace and fostering interfaith dialogue. He is a well known expert in mediating armed conflicts at a global level and has worked on numerous peace treaties. In 2010, he received the “Prize for Conflict Prevention” from the Fondation Chirac.He has conducted research into and written papers on issues relating to globalisation and international cooperation; he has numerous publications to his name, and has collaborated with national and international newspapers.

Mario-Giro
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.
Merola
 
Since December 2019, she has been an independent member of the SACE Board of Directors and Chairman of the Related Parties Committee. A Chartered Accountant and Independent Auditor, she has acquired substantial experience in preparing and auditing Budgets, Tax consultancy for Companies (including publicly listed ones) and corporate groups, tax disputes, Transfer Pricing and preparing Organisational Models pursuant to Legislative Decree 231/01. Her professional experience was consolidated over the last 15 years at Deloitte &Touche SpA.

She has held various roles as an Independent Auditor and was Auditor of ACEN from 2008 to 2018. She is a member of the Equal Opportunities Committee established at the Naples board of certified public accountants. She is a contract lecturer at the Faculty of Economics and Commerce of the University of Naples Federico II. She is a Speaker at Conferences specialised in Budgets and tax issues (board of certified public accountants, Confindustria, University of Naples Federico II, University of Salerno).

MonicaScipione

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.

Has been standing auditor of SACE since December 2019. Gandolfi graduated with Honours in Economics and Commerce at the Università di Parma (University of Parma) and obtained his PhD in “Business Economics” (graduating in 1996) at the Università Commerciale “L. Bocconi” di Milano (Bocconi University) and the Università di Pavia (University of Pavia). At the Università di Parma, he held the position of University Researcher and Associate Professor. He is currently Professor of Banking and Finance and is Senior Lecturer at the SDA Bocconi School of Management, where, over the years, he has organised numerous workshops and held training courses for some of the biggest representatives of the Italian and international banking and insurance sectors. At SDA Bocconi, he has received numerous awards: the prize for the best teacher of executive courses; the “Entrepreneurship Award”; the “Award for Excellence in Coordination”; the “Internationalization and Innovation” Award; and the Award for “Innovation in Technology-Based Learning”.

Gandolfi is enrolled in the official register of Expert Witnesses with the Court of Milan; he has held the role of Expert Witness in several important cases for the Courts of Bologna, Milan, Lodi, and Parma. He has been auditor and director on the board of important banking institutions. Since October 2017, he has been Chairperson of Fondazione Cariparma. Since November 2017, he has been a member of the Board of Acri, where he also holds the position of Chairperson of the “Asset Management” Committee. He has conducted research into and written papers on issues relating to asset management, risk management, pensions and insurance; he has several publications to his name.

Gino Gandolfi

 

Management

 

He was the Group Chief Risk Officer of Cassa Depositi e Prestiti from June 2016 to December 2019, responsible for Risk Management, Risk Operations, Risk Governance and Compliance & Anti-Money Laundering areas.

He is currently a member of the Investor Committee of the Italian Recovery Fund and of the Board of Directors of AIFIRM and the Technical Expert Group on Sustainable Finance (TEG) for Sustainable Finance for the European Commission. He has also been member of the Board of Directors of Ansaldo Energia. From 2008 to 2016, he was at BNP Paribas Group, where he served as Chief Risk Officer of BNL and BNP Paribas Group for Italy.

He was a member of the BNL Management Committee and Executive Risk Committee of the Group, in addition to holding Director positions at BNPP Leasing Solution, Ifitalia International Factors, Business Partner Italia, CRIF and Associazione Italiana Financial Industry Risk Managers.

Before joining the BNPP Group, he held managerial roles in leading banking groups.

Pierfrancesco-Latini
In SACE since 2004, currently he is responsible for the ROS area, consisting of the department for Human Resources, Organisation, Information Systems and General Services. He gained a decade of experience in an ICT consulting firm, coordinating various initiatives mainly for the Fiat Group, Imi, Citibank and Alitalia. Subsequently, he held the role of Director of Applications Development at Euler Hermes SIAC. He was President of SACE BT from May 2016 to December 2019.
marco-traditi
In SACE since 2017, he is currently responsible for the Marketing & Business Innovation Area, comprising the Divisions of Commercial Planning & Commercial Initiatives, Product Development, CRM and Education to Export. Previously he worked for 14 years in the UniCredit Group, holding positions of increasing responsibility - in Italy and abroad. These include the leadership of Network Development & Optmization activities for the Central Eastern Europe Division, the responsibility of the Private Segment in Unicredit Bank Russia and Head of Products, Marketing and Multichannel of Bank Austria.
frezza_2
Since March 2017 Michele De Capitani has been Chief Financial Officer of SACE. Previously he held roles of increasing responsibility in General Electric - in Italy and abroad -, he led the planning and control activities of FinecoGroup e Capitalia, and took on various roles in UniCredit Group, where he was responsible for planning and control in Germany, CEO of UniCredit Bank Ireland and, finally, Chief Financial Officer of UniCredit Bank Russia.
Michele-de-capitani
In SACE since 2018, he holds the position of Chief Underwriting and Business Innovation Officer. Previously, he worked for eleven years at General Electric, where he held managerial positions in project financing, corporate strategy & business development, corporate finance and investment banking, until becoming Global Head of Government and Export Finance, managing General Electric’s dealings with export credit companies and international financial institutions. Previously, he worked at the Council of Europe Development Bank and at the European Commission. He performed much of his professional career abroad, including France, Switzerland, Russia, the United Kingdom and the United States.
Liguti

Simonetta Acri has been in SACE since 2003, where she has held various key positions, contributing to the development of new operational areas and giving a significant boost to the commercial network. Previously she worked at Regional Head Structured Trade & Export Finance for the Corporates & Investment Bank Division of Deutsche Bank, in charge of the Italian market and South Eastern Europe, and was head of the Trade Finance unit at Morgan Grenfell. She now holds the role of Chief Mid Market.

Simonetta-Acri
Letterio Merlino has been with SACE since July 2017 with the title of Chief Risk Officer. Before joining the risk office of CDP in 2016, he held various responsible positions in some leading banking groups, with particular focus on risk management. He began his career at Banco di Sicilia and later moved to SanPaolo IMI and the UniCredit Group. He also worked at Accenture as a strategic consultant in the financial and banking field.
ERIO
In SACE since 2009, Rodolfo Mancini currently holds the roles of Chief Legal Officer of SACE and Chairman of SACE Fct. Previously, for fourteen years he was part of the management team of Mediocredito Centrale (Unicredit Group) as Head of the Legal Service, Compliance and Corporate Affairs. At the start of his career he worked in Italian and foreign legal offices, gaining significant experience in structured finance and in capital markets.
rodolfo-mancini
In SACE since 2003, she is currently Head of the Institutional Relations Division, after a long experience in the origination and structuring of export credit and internationalization transactions. In SACE, she held various responsibility roles in the business and commercial area. Previously she worked in the export finance sector of HVB, Royal Bank of Scotland and Mediocredito Centrale. Since 2019 she has been a member of the General Council of Assocamerestero.
Cristiana-Portale

Chief Economist of SACE, he has previously worked as an economist at the Confindustria Center of Studies and has collaborated with several Italian universities as part of master's programs by giving lectures on issues regarding international economics, Italian economics and country risk assessment.

He is a lecturer in Analysis of International Markets and Country Risk at the highly regarded School of Economics and International Relations of the Università Cattolica del Sacro Cuore and member of the Executive Council of the Business Economist Group. He graduated in Economics at the LUISS University of Rome, where he also worked as an assistant for Political Economy courses at the Faculty of Political Sciences.

Alessandro Terzulli
Since January 2018 he has been responsible for Internal Auditing and a member of the SACE Supervisory Body. For twelve years at Cassa Depositi e Prestiti, as Head of Audit Planning and Execution, he coordinated the audits in all the companies of the group. He was also responsible for the Internal Audit of CDP Immobiliare, CDP Investimenti SGR and SIMEST. Previously he had experience in internal control in Banca Intesa and Dexia Crediop and in auditing in the financial sector.
Giuseppe Palladino
 
alfonso scont 2
In SACE since 2005, Paolo Alfieri currently has the role of General Manager of SACE FCT. He gained experience in General Electric, first in the management and recovery of international receivables in GE Oil & GAS, and subsequently in GE Capital Finance as operations manager of the factoring company. Previously, besides a short period as risk manager of Banque PSA Finance, he collaborated as a consultant with the Capitalia Group in the group’s credit management and recovery company.
paolo-alfieri
In SACE since 1 April 2017 as Director General of SACE BT, Valerio Perinelli has twenty years’ experience in Euler Hermes, both in Italy and abroad. In the last two years he was Chief Executive Officer of Euler Hermes UK & Ireland, after being based in France for eight years as the head of the Commercial and Marketing division at global level of the World Agency, the Euler Hermes unit for multinational affairs and part of the Executive Committee of the company.
perinelli
Since July 2011 Valerio Ranciaro has been General Manager of SACE SRV. He has long experience in the insurance sector and, before taking on his current role, had managerial roles in SACE in the Compensation and Recovery Service and was deputy manager of the Portfolio Management and Restructuring Division.
valerio-ranciaro

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

Governance: other companies of the Group

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

 

Governance

SIMEST

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Governance

SACE BT

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Governance

SACE FCT

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Governance

SACE SRV

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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