On the basis of a nomination from the Italian Republic, the Board of Directors decided on 19 July 2007 to submit the candidature of Mr Dario Scannapieco to the Board of Governors for the post of Vice-President and Member of the Management Committee, to succeed Mr Gerlando Genuardi, who has tendered his resignation.

The written procedure inviting the Board of Governors to vote on this proposal was launched on 20 July 2007.

The decision to appoint Mr Dario Scannapieco was taken on 3 August 2007, the date on which the requisite majority of votes was reached. Mr Dario Scannapieco has therefore been appointed as Vice-President and Member of the Management Committee, with effect from 16 August 2007.

The Board of Governors also conferred the title of Honorary Vice-President on Mr Gerlando Genuardi.