The Board of Directors is composed of a number of independent members such as to ensure, by their number, expertise and authority, that their opinion may materially affect Board resolutions. Indeed, 7 of the 12 Directors qualify as independent Directors, in accordance with the Bylaws of Moncler pursuant to which the majority of the directors "shall possess the requisites of independence established by law and regulatory provisions as well as by the provisions of the Corporate Governance Code of the listed companies approved by the Corporate Governance Committee" (establishing a much higher quota than the minimum quota required by applicable law (2 Independent Directors for Boards of Directors composed of more than 7 members) and higher than the quota recommended by the new Corporate Governance Code for listed companies in force from 1 January 2021 (i.e., at least half of the management board of large-size companies that do not have a concentrated ownership as Moncler).