GOVERNANCE SYSTEM

ARX Asset Management implements a traditional governance system, with a Board consisting of five members, according to the Shareholders’ Meeting resolutions.

Administrators remain in charge for a maximum of three financial years,.

GOVERNANCE SYSTEM

ARX Asset Management implements a traditional governance system, with a Board consisting of five members, according to the Shareholders’ Meeting resolutions.

Administrators remain in charge for a maximum of three financial years and their mandate expires upon the date of the Meeting, convened for the approval of the balance sheet of the last financial year, except in case of revocation, forfeiture or resignation.

Board of Administration

Fausto Sinagra

PRESIDENT

Fausto Sinagra

PRESIDENT

Mr. Sinagra is Chairman of Torre SGR S.p.A. since May 2018; from February 2016 to April 2018 he was Chief Executive Officer of the company.

He boasts over 25 years in the banking and financial sectors.

Prior to joining Torre has held important positions as Manager and Director in numerous banks and companies, including General Manager of the Cariverona Foundation for more than 18 years, Deputy General Manager of Credito Italiano S.p.A., Deputy General Manager of Unicredit S.p.A., Chief Executive Officer of Unicredit Real Estate S.p.A. and Deputy General Manager of Cariverona S.p.A.

Fausto Sinagra

PRESIDENT

Fausto Sinagra

PRESIDENT

Born in 1965, Mr. Sinagra has held important positions as Manager and Director in numerous banks and companies.
He has been, among other things, General Manager of the Cariverona Foundation since 2004, Chief Executive Officer of Unicredit Real Estate S.p.A., Deputy General Manager of Unicredit S.p.A., Deputy General Manager of Credito Italiano S.p.A. and Deputy General Manager of Cariverona S.p.A.
He is Chairman of Torre SGR S.p.A. from May 2018 to today; from February 2016 to April 2018 he was Chief Executive Officer of the company.

Carlo Vernuccio

CEO

Carlo Vernuccio

CEO

Mr. Vernuccio is a Managing Director at Fortress, Board member at Torre SGR and Chief Executive Officer at ARX AM. He has developed over 20 years experience in managing NPE.
Prior to joining Torre, Mr. Vernuccio was Chief Servicing Officer of the DoValue Group, Chief Executive Officer in Italfondiario and Head of Corporate in the SPL and NPL department in BNL-BNP Paribas.
Mr Vernuccio is a Dottore Commercialista and Revisore dei Conti (Chartered Accountant)
He graduated in Business Economics at Universitá Cattolica in Milan and holds a MBA from SDA Bocconi in Milan.

Carlo Vernuccio

CEO

Carlo Vernuccio

CEO

Mr. Vernuccio has developed over 20 years experience in managing NPE. He is a Managing Director at Fortress, Board member at Torre SGR and Chief Executive Officer at ARX AM
Prior to joining Torre, he held several managing positions in the DoValue Group (with the latest being Chief Servicing Officer), Italfondiario (as Chief Executive Officer) and BNL-BNP Paribas Group (as Head of Corporate SPL and NPL department)
Mr Vernuccio is a Dottore Commercialista and Revisore dei Conti (Chartered Accountant)
He graduated in Business Economics at Universitá Cattolica in Milan and holds a MBA from SDA Bocconi in Milan.

Francesco Pansa

MEMBER OF THE BOARD

Francesco Pansa

MEMBER OF THE BOARD

Francesco Pansa is a Managing Director at Fortress which he joined in June 2001. He has worked at Fortress in Italy on NPL acquisitions and on the turnaround and the development of the Italian servicing platforms Italfondiario and doValue.
Mr. Pansa served as Head of Asset management and General Manager at Italfondiario from 2006 to 2012.
Since February 2013 he has been a member of Fortress’s business development team in Italy.
Prior to joining Fortress, Mr. Pansa worked at Depfa Bank as credit manager in the Real Estate division.
Mr. Pansa received a Law degree from La Sapienza University of Rome.

Diego Freddi

MEMBER OF THE BOARD

Diego Freddi

MEMBER OF THE BOARD

Mr. Freddi is Member of the Board at ARX AM and the Head of Fund Management at Torre SGR, overseeing sourcing of investment opportunities, the Real Estate acquisition process, divestment operations and implementation of divestments and leasing strategies for the Fund’s assets
Prior to joining Torre SGR he worked in the Real Estate Department of Italfondiario S.p.A. dealing with repossession activities and NPL management.

Francesco Pansa

MEMBER OF THE BOARD

Francesco Pansa

MEMBER OF THE BOARD

Francesco Pansa is Managing Director at Fortress which he joined in June 2001. He has worked at Fortress in Italy on NPL acquisitions and on the turnaround and the development of the Italian servicing platforms Italfondiario and doValue.
Since February 2013 Mr. Pansa has been a member of Fortress’s business development team in Italy and served as Head of Asset Management and General Manager at Italfondiario from 2006 to 2012.
Prior to joining Fortress, Mr. Pansa worked at Depfa Bank as credit manager in the Real Estate division.
Mr. Pansa holds a Law degree from La Sapienza University of Rome.

Diego Freddi

MEMBER OF THE BOARD

Diego Freddi

MEMBER OF THE BOARD

Mr. Freddi is Member of the Board at ARX AM and Head of the Fund Management at Torre SGR overseeing sourcing of investment opportunities, the real estate acquisition process, divestment operations and implementation of divestments and leasing strategies for the Fund’s assets
Mr. Freddi boasts over a decade of experience in the real estate market.
Prior to joining Torre SGR he worked in the Real Estate Department of Italfondiario S.p.A. dealing with repossession activities and NPL management

Board of Directors

Francesco Mariano Bonifacio

Sole Statutory Auditor

Francesco Mariano Bonifacio

Sole Statutory Auditor

Mr. Bonifacio is Chartered Accountant since 1980.
He is a member of various Supervisory Bodies including those belonging to the doValue S.p.A. and Lottomatica S.p.A. groups, with a focus on administrative liability of entities (Legislative Decree 231/2001) .
He holds union positions in numerous joint-stock companies (Atlantia S.p.A., Bulgari S.p.A., Acea S.p.A., Leonardo S.p.A., Morgan Stanley, Poste Italiane S.p.A., doValue S.p.A.).
He is founding partner of Studio Bonifacio – De Magistris based in Rome, via Ludovisi, n.45.
In 1984 he has enrolled in the Order of Chartered Accountants of Rome.

Board of Auditors

The Board of Auditors is made up of one sole statutory auditor, appointed by the ordinary Shareholders’ meeting and remains in charge for three financial years. The mandate expires upon the date of the Meeting, convened for the approval of the balance sheet of the last financial year, except in case of revocation, forfeiture or resignation.

Francesco Mariano Bonifacio

Sole Statutory Auditor

Francesco Mariano Bonifacio

Sole Statutory Auditor

Qualified to practice as a chartered accountant since 1980, enrolled in the Order of Chartered Accountants of Rome since 1984, in the Register of Technical Consultants at the Court of Rome since 1988 and in the Register of Auditors with Ministerial Decree of 12/04 / 1995 published in the Gazzetta Ufficiale of 21/04/1995 serie speciale n. 31 / bis.
Founding partner of Studio Bonifacio – De Magistris(1994) based in Rome, via Ludovisi, 45.
He holds and has held union positions in numerous joint-stock companies (Atlantia Spa Group, Bulgari Spa Group, Acea S.p.A.
Group, Leonardo Group S.p.A., Morgan Stanley Group, Poste Italiane S.p.A. Group, doValue S.p.A. Group).
In matters of administrative liability of entities (Legislative Decree 231/2001), he is a member of various Supervisory Bodies, including those belonging to the companies of the doValue S.p.A. Group and to the Lottomatica S.p.A. Group

231 Model and Antibribery

Upon resolution of the Board of Directors, ARX Asset Management approved the adoption of the Organizational Management and Control Model, according to Leg. Decr. of 8th June 2001, n°231 regarding “Discipline of the administrative liability of legal persons, companies and associations, including those without legal personality“.

The Supervisory Bodies (OdV – Organismo di Vigilanza) of ARX Asset Management, appointed by the relevant Board of Directors, were constituted with the task of supervising the functioning of the companies and compliance to the Model.

The Supervisory Bodies of ARX Asset Management are collegial and made up of two external members and one internal member.

The Supervisory Body is constituted through a Board of Directors’ resolution which acknowledges, upon appointment, the actual existence of the requirements of independence, autonomy, honourability and professionalism of its members.

The duration of the mandate of the Supervisory Body members is the same as the Board of Directors by which it was appointed and its members can be re-elected.

A detailed description of tasks and the Supervisory Body function is contained in the Organizational Management and Control Model, and it is approved by the Board of Directors.