The Corporate Governance system in place in the Company is substantially in line with the principles included in the Governance Code of listed companies published by the corporate governance committee promoted by Abi, Ania, Assonime, Assogestioni, Borsa Italiana and Confindustria, as most recently updated in December 2011 (accessible on the Borsa Italiana S.p.A. website sub that Terna has adopted, as illustrated before, with resolution by the Board of Directors of July 24, 2012, also proceeding to adjust the procedures in place and impacted by the new provisions of the Governance Code by subsequent resolution of the Board of Directors of December 19, 2012.

Further actions aimed at improving the Group’s governance system are being carried out and others will be taken into consideration for the constant update of Terna's governance system to comply with the best practices and for the adhesion of the company to the provisions of the new Governance Code that will come into force at the next renewal of the company bodies expiring with the approval of the 2013 statutory financial statements, as indicated by the timing for the adjustment envisaged by the transitional regulations.

The Company is not subject to non-Italian laws that influence its Corporate Governance structure.