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Corporate Governance and safeguards for shareholders

Since the inception, Hera has adopted a traditional Corporate Governance system based on a Board of Directors, in order to guarantee protection and return on capital for shareholders and fulfilment of stakeholder interests in line with the company mission.
Hera's activities are managed in compliance with the Group's mission and Code of Ethics, as well as according to the provisions of the Code of Conduct promoted by Borsa Italiana S.p.A.
For years, Hera has been committed to guaranteeing full transparency to shareholders and all other stakeholders by providing clear, complete and timely information about the decisions taken, the strategies adopted and the results achieved, so that investors may make investment decisions based on effective knowledge of the company, its future prospects, business performance and the forecasted levels of profitability with respect to the quantities of capital invested.
The Investor Relations Department and External Relations Department report directly to the executive Chairman of the Board of Directors, while the Corporate Social Responsibility Department reports directly to the Chief Executive Officer; the direct relationship between these Departments and the top management attests to the importance assigned by the Group to control and dissemination of information to stakeholders.
Price sensitive information is communicated in accordance with the procedures established by Consob resolutions and Internal Dealing regulations, and the principles of transparency, clarity, completeness and timeliness which are the foundation of the Group's communications policy.
The yearly publication of the calendar of corporate events for the year allows the company to announce in advance the most important dates for company life: All communications of a certain importance such as approval and publication of financial statements, quarterly and interim reports, business plans and significant operations are published in real time, in Italian and English, on the Group's website, in the Investor Relations section.
Hera Shareholders' Meetings are generally well attended by shareholders; at the last meeting held 29 April 2011, for the approval of the 2010 financial statements, shareholders representing 79.6% of the capital were present.
Diversification and fragmentation of the shareholder structure, transparent, clear governance supported by the Code of Ethics and the Code of Conduct, as well as advanced, timely, symmetrical financial communication are the distinctive foundations of Hera governance.