Corporate Governance system
The Luxottica governance system is based on a traditional management and control system.
The group of companies controlled by Luxottica Group S.p.A., one of the major global players in the eyewear sector, implements its business strategies through the presence of subsidiary companies in the various countries in which it operates.
Luxottica is listed on the New York Stock Exchange (“NYSE”) and on the Telematic Stock Exchange organized and managed by Borsa Italiana (“MTA”) and complies with the provisions of U.S. and Italian law for listed companies, as well as with the provisions issued both by the U.S. Securities and Exchange Committee (“SEC”) and the Italian Commissione Nazionale per le Società e la Borsa (“CONSOB”). As a result of its being listed in the United States, the Company is subject to the provisions of the Sarbanes-Oxley Act (“SOX”), which influence its governance structure with regard to internal controls. Luxottica, the parent company of the Group, manages and coordinates its subsidiary companies, acting in the interest of the Luxottica Group as a whole.
The corporate governance system is established in compliance with the regulations of Borsa Italiana, CONSOB, NYSE and SEC, according to the highest standards of corporate governance.
The principles on which the corporate governance system of the parent company is founded are also applicable to all the companies belonging to the entire Luxottica Group, namely:
- defined, acknowledged and shared values, which are set out in the Code of Ethics;
- the central role of the Board of Directors;
- the effectiveness and transparency of management decisions;
- the adoption of an adequate internal control system;
- the adoption of proper and transparent rules regarding transactions carried out by related parties and the processing of confidential information;
- a proactive risk management system; and
- a remuneration and general incentive system for managers linked to the creation of sustainable value over time.