Chrysler 1999 Annual Report Download - page 55

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54
❚With regard to the Internal Control System, the Company
already has a Code of Ethics, which it published several
years ago. In May 1999, it also adopted an Internal Control
Policy, which formally sets forth the Group’s internal
rules and regulations and provides a concrete frame of
reference in this area. Pursuant to a specific provision
of the abovementioned Policy, the Board of Directors
appointed the Supervisors of the Internal Control System,
who are responsible for monitoring the system’s
functionality and effectiveness, and report to the Audit
Committee at least every six months. This Committee,
which was established by the Board of Directors to
perform a consulting and developmental function, is
charged with:
– verifying that the Company’s administrative/accounting
system, organizational structure and Internal Control
System are adequate, placing special emphasis on
the Code of Ethics and on compliance with internal
regulations;
– reviewing the reports and assessments regularly submitted
by the Supervisors, evaluating their performance and
encouraging them to implement programs designed to
improve the Internal Control System; and
– reporting to the Board of Directors at least every six
months, concurrently with the approval of the Annual
Report and the Semiannual Report, on the work done
and the adequacy of the Internal Control System.
This Committee can be convened upon request by the
Chairman of the Board of Statutory Auditors or the
Supervisors.
❚The Company uses a special internal organization to handle
relations with institutional and individual investors. In
particular, it organizes regular meetings with Italian and
foreign representatives of the financial community.
The Board of Directors will make every effort to regularly
update the Company’s corporate governance model, keeping
it in tune with the changing needs of the market.