Code of Ethics and Model 231

Administrative liability, management, control and rules of conduct

Fondazione Telethon has adopted an organisation, management and control model pursuant to Italian Legislative Decree 231/2001 (“model 231”) concerning the administrative liability of legal entities. According to these rules, companies and other bodies (including non-profit organisations, with or without legal personality) may be held responsible, and therefore be liable to penalties, in relation to certain crimes committed or attempted by top management or employees, in the interest of or in favour of the organisation. However, organisations that prove they have “adopted and effectively implemented” an organisation, management and control model for the prevention of such offences will not be held liable.

Model 231

On 9 February 2012, the Board of Directors of Telethon approved “model 231”. Fondazione Telethon sees the voluntary adoption of this model as a means to further strengthen the safeguards and guarantees in place to enable it to pursue its mission for the benefit of all stakeholders.

Code of Ethics and Supervisory Body

Code of Ethics

On the same day and alongside model 231, the Board of Directors also approved the Telethon Code of Ethics, this being a key and integral requirement of the regulations governing the administrative liability of companies and other bodies. The Code of Ethics sets out the rules of professional conduct and lays down the principles that guide the work of Telethon. It distinguishes between conduct that is or is not in keeping with these principles and also provides guidance in regard to the conduct of individuals, in order to prevent arbitrary actions, insofar as possible, in the absence of clearly defined rules.

Supervisory Board

A Supervisory Board has been appointed to oversee the operation and effectiveness of model 231, compliance therewith and the synergies between the Code of Ethics and model 231. The Board’s members are Massimiliano Lissi (criminal lawyer, chairman), Paolo Omodeo Salè (professional accountant, formerly a member of the Board of Statutory Auditors) and Lucia Filippi (lawyer and compliance officer at UBS Investment Bank). The Supervisory Board, whose members are selected and appointed by the Board of Directors, acts in accordance with a specific set of rules as well as with the provisions of Italian Legislative Decree 231/2001. Telethon has also adopted a disciplinary system.

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