The Chief Executive Officer is vested with all the powers for the ordinary and extraordinary management of the company and has to report periodically on the implementation of delegated powers. Furthermore, according to the governance guidelines, the CEO is committed to keep his autonomous spending power within the limits of the approved budget and to share with the Board the unbudgeted expenses.

The holding company's executive directors are responsible for identifying the main goals of the subsidiaries’ Boards, in order to ease the assessment of their actions.