G.C.F. Strengthens Corporate Governance

New organisation for greater operational efficiency

Important changes in the governance structure of G.C.F. - Generale Costruzioni Ferroviarie S.p.A., a leading company in the railway construction sector, which will be governed by a three-member board of directors.

The decision, which was taken at the end of July during the shareholders' meeting to approve the financial statements for the year ending 31 December 2022, aims to consolidate the company's national leadership position and further improve its business performance, with a focus on organisational and management structures.

Established as a leading industrial company in Italy, G.C.F. - Generale Costruzioni Ferroviarie S.p.A. has in recent years confirmed its leadership role on the national scene and extended its influence globally.

In the latest, prestigious ranking published by Il Sole24ore, the Group achieved an extraordinary result by being ranked 8th among the "Top 200" Italian construction companies and confirmed in 1st place among the specialised companies.

The Group, with the firms GCF and GEFER, now employs over 1,500 employees and records a production value of 620 million euro by 2022, with a net result of more than 50 million euro.

In view of the growth, production commitment and responsible role played nationally and internationally, at the end of July 2023, during the Shareholders' Meetings, both G.C.F. S.p.A. and GEFER S.p.A. resolved to strengthen corporate governance by opting for a three-member board of directors.

For the 2023-2025 fiscal years, Tiziano Onesti has been appointed as Chairman of the Board of Directors with responsibility for institutional relations, in Italy and abroad; Donato Maria Pezzuto has been given responsibility for legal affairs, compliance and Internal Audit; and Giuseppe Brecciaroli has been delegated the role of Executive Director. Tiziano Onesti and Donato Maria Pezzuto meet the requirements of independent directors..

The revision of the entire corporate organization goes in the direction of a more precise allocation of roles and responsibilities, with the aim of optimizing operational efficiency and strengthening the internal control system - even more guaranteed with the appointment of independent directors - with a view to further consolidating the leadership position in the railway sector by focusing on technological innovation and economic, social and environmental sustainability.