Last update July 5, 2010

Transactions with related parties

Transactions undertaken by Snam Rete Gas with related parties, as defined by IAS 24, mainly involve the exchange of assets, provision of services and provision and utilisation of financial resources with Eni S.p.A. (the parent), other subsidiaries of Eni S.p.A., the wholly-owned subsidiary GNL Italia, as well as with Enel, a state-owned company, and its subsidiaries. All these transactions are part of its ordinary business activities, usually take place at market conditions, ie, those conditions that would be applied between two independent parties, and are performed in the interests of Snam Rete Gas. The amounts involved in commercial, financial and other transactions with related parties and a description of the nature of the key transactions are given in the notes to the financial statements.

The board of directors approved the “Code of Conduct for transactions with related parties” in its meeting of 24 February 2003 . This sets out the criteria to be adhered to when undertaking transactions with related parties as well as the terms and conditions to be used to communicate information about them to the board of directors.

With reference to the said “Code of Conduct”, Consob resolution no. 14990 of 14 April 2005, which modified the Issuer Regulation introduced with resolution no. 11971/99 and subsequent amendments, eliminated Consob communication no. 2064231 of 30 September 2002 which identified “related parties” and established what the term meant: parties defined as such by the international financial reporting standard dealing with related party disclosures, adopted as per article 6 of EU regulation no. 1606/2002 (IAS 24 Related party disclosures)

 

Documents Select all
Code of Conduct for transactions with related parties
Enclosure "A" - Legal sources
Enclosure "B" - Close Family Members
Enclosure "C" - Statement on transactions with Snam Rete Gas S.p.A. and with its subsidiaries