Internal Control Committee

On April 29, 2009, the Board of Directors appointed the following individuals to be members of the Internal Control Committee, each of whom is a non-executive, independent director: Mr. Mario Cattaneo, (Chairman), Mr. Marco Reboa and Mr. Marco Mangiagalli.
Each of them has a strong background and significant experience in accounting and finance. On July 28, 2009, the Board of Directors authorized, as proposed by the Chairman of the Internal Control Committee, an increase in the number of members of said committee to four, from three. Ivanhoe Lo Bello, a non-executive and independent Luxottica Group Board member, has been appointed to this additional seat.

The Internal Control Committee is responsible for performing investigations, providing advice and submitting proposals to the Board of Directors.
In particular, it performs the following activities:

• assists the Board of Directors in the execution of its internal controls tasks and mandates;
• evaluates the planned initiatives and projects of the Internal Control Officer (ICO);
• reviews and assesses the regular reports issued by the ICO;
• assesses, together with the manager responsible for the preparation of the Company’s accounting records and the managers and the auditors, the proper use and application of accounting principles;
• assesses the results of the activities performed by the Internal Auditing function;
• monitors the effectiveness of the auditing process;
• expresses opinions concerning the identification of corporate risks as well as the planning, implementation and management of the internal control system.

Specific auditing responsibility pursuant to the Sarbanes-Oxley Act is assigned to the Board of Statutory Auditors which the Board of Directors has designated as “Audit Committee” within the meaning of the Sarbanes-Oxley Act.
The Committee meets when the Chairman deems it appropriate or when requested by another committee member and, usually, prior to the Board of Directors meetings called for the approval of the year-end financial statements, the half-year report and the quarterly reports.
When the Committee deems it appropriate in order to review certain agenda items in more detail, directors and Senior Executives of the Company and of Luxottica Group are invited to take part in the relevant part of such meetings.
 

For further information, please see the Annual report on Corporate Governance

Meeting attendance during 2010

Number of meetings held in year 2010: 9

* Appointed on July 28, 2009