Bylaws and internal rules
The status of Italian banking foundations was defined in Ciampi Act of 1998/99 and confirmed by Italy’s Constitutional Court in its final judgements no. 300 and 301 of 2003, which settled the matter, affirming that Italian banking foundations are independent, self-governed nonprofit public-benefit organizations operating in sectors of public interest.
Owing to their public interest purpose, Italian banking foundations fall under the supervision of Italy’s Ministry of Finance and Economic Affairs, that however exercises its oversight only with respect to the legitimacy of the actions taken by the Foundation’s leadership team, which means the supervisory body sees that their actions stay within the bounds of the law and the organization’s bylaws.
Entered into effect on March 16, 2006, Fondazione Cariplo’s Bylaws were progressively fine-tuned to the current version approved by Italy’s Ministry of Finance and Economic Affairs. The Bylaws set out, inter alia, the purposes and areas of action of the Foundation, its programming and funds allocation lines, transparency rules and the composition of its governing bodies.
To regulate its operation, the Foundation adopted also a series of internal policies and rules:
- Investment policy
- Annual Meeting Rules
- Nomination and election policy
- Termination and suspension policy
- Internal control policy
Fondazione Cariplo also adopted its Organizational, Management and Control Model for the prevention of offences set out in Legislative Decree 231 of 2001 (corporate liability). We also updated our Code of Ethics confirming the values and principles that guide, permeate and underlie everything we do as a Foundation.
To monitor the implementation of the aforesaid Organizational, Management and Control Model, our Foundation established an internal Supervisory Board that provides periodic reports to the Board of Directors and is responsible for presenting proposals for improvements.
Any natural or legal person intending to start any form of relationship with Fondazione Cariplo is required to read the documents set out above and comply with the contents and the principles therein.