System of powers and duties

The highest managerial responsibilities within the Company are shared among a Chief Corporate Officer CCO), a Chief Executive Officer (CEO) and a Chief Financial and Risk Officer (CFRO), according to the powers granted by the Board of Directors.
The Board of Directors of SEA has not appointed a Chief Executive Officer and has granted to the Chief Officers of the Company the powers to manage, within specific limits, the ordinary activities of the Company and the implementation of the guidelines dictated by the administrative body.
Each of the Chief Officers, in turn, has sub-delegated some of the delegated powers. This system of powers contemplates a constant disclosure to the Board of Directors regarding the exercise of delegated powers and hence the developments and conclusion of the main corporate operations.
The system is based on a formalized and clear internal organizational structure, divided into distinct units, each of which is specifically identified for its hierarchical reporting line, mission and responsibility.
The organizational structure lays out responsibilities so as to leverage skills while enabling the activation of checks and balances, including:

• the Auditing Department reports hierarchically to the Chairman and functionally to the Board of Directors and the Control and Risks Committee;
• Staff structures are merged under the Chief Corporate Officer, with the Purchasing Department being centralised and segregated from the main corporate spenders;
• Business Development responsibilities are centralised under the Chief Operating Officer.

SEA Chief Executive Officers “delegated” to management duties, each for his own area, regularly attend the meetings of the Board of Directors to provide the required in-depth reporting on topics on the agenda.