Issuer profile

Governance

Banca IFIS is the Parent company of the Banca IFIS banking group and applies the traditional model of administration and control, believing it to be the best for its specific corporate reality to ensure efficient management and effective controls.

As regards the Bank of Italy’s supervisory provisions on corporate governance (Circular no. 285 of 17 December 2013 and thereafter), Banca IFIS falls under the category of banks that are larger or more complex in terms of their operations as it is listed in the STAR segment of the Italian Stock Exchange ‘La Borsa Italiana’.

 In the model applied by Banca IFIS:

  • Strategic supervision is performed by the Board of Directors;
  • The Body assigned the management function has been identified in the person of the C.E.O.; The General Manager participates in this management function; 
  • Control is performed by the Board of Statutory Auditors.

Over the financial year, Banca IFIS carried out certain activities in order to adapt to the Bank of Italy’s 1st Amendment of Circular 285, which came into force on 17 March 2013, such that the Bank’s overall, corporate governance set-up is now as follows:

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Over 2014, the procedure was initiated to fully adapt Banca IFIS’s Articles of Incorporation to the amendments introduced by the Bank of Italy in the following Supervisory provisions:

  • Amendment no. 15 of 2 July 2013 to Bank of Italy’s Circular 263 of 27 December 2006;
  • Amendment no. 1 of 6 May 2014 to Bank of Italy’s Circular 285 of 17 December 2013;
  • Amendment no. 7 of 18 November 2014 to Bank of Italy’s Circular 285 of 17 December 2013.

This project takes into account the need arising from these provisions to amend the Articles of Incorporation as regards the duties and composition of the Shareholders’ Meeting, the Board of Directors and of the Management Body which is made up of the Chief Executive Officer (with the General Manager’s help).

Mission

The Banking group currently carries out its activities in the following operational areas:

  • Factoring, in Italy and abroad; abroad, this activity is carried out through the Parent company’s internal structures (International Area) and through the subsidiary IFIS Finance; the financial assistance and credit management offer is mainly aimed at Small and Medium Enterprises; the outright definitive purchase activity mainly concerns, instead, receivables due from providers of the Italian National Healthcare Service;
  • Non-recourse purchase of non-performing loans (due almost exclusively from individuals) from other intermediaries (mainly consumer credit companies and banks) and the management of the connected credit value chain, from assisting the debtors in drawing up sustainable repayment plans through a variety of communication channels (call centre, professional agents and external debt collection companies) to the collection of such loans (also through enforced recovery where debtors have the financial resources to be able to pay but are unwilling to do so);  
  • Purchase and management of tax receivables;
  • Online collection through the rendimax savings account and the contomax current account; although these tools do not represent a specific business line for the bank, they are fully entitled to be classified among the Parent company’s operational segments thanks to the type of activity involved and the size of the collection.

Company treasury activities are complementary to the aforementioned ones. Although their contents at certain times are particularly significant, they do not alter the mission of the Banking Group, which continues to be aimed mainly at providing financial assistance and credit management to Small and Medium Enterprises.

Corporate social responsibility

The Bank introduced its Code of Ethics by virtue of the Board resolution passed on 4 July 2003 and last updated on 20 September 2012. This Code states the rights, duties and responsibilities of the Group’s components as regards all parties with whom they have dealings in order to accomplish their corporate purpose (clients, debtors, suppliers, employees and/or external collaborators, shareholders, supervisory bodies, institutions). It is therefore a directive with rules of conduct that have to be kept in mind when carrying out daily operations, in compliance with the legislation and regulations in force in the countries where the Group operates. The Code establishes standards and rules of conduct designed to reinforce corporate decision-making processes and guide the conduct of all collaborators of the Group’s companies. The Code of Ethics is available on the company website www.bancaifis.it, in the ‘Corporate Governance/Italian Lgs. Decree 231/2001’ section.

Last updated on 2015-03-16