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INFORMATION REGARDING THE COMPANY AND CORPORATE GOVERNANCE
7
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The monthly consolidation of management indicators, the income
statement, the balance sheet and the funding table allow a precise
measure to be obtained within a short time of year-end. This
facilitates the decision-making process.
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The purchasing and investment process falls within the scope of the
strategic and budgetary mechanism. Any purchasing or investment
commitment that deviates from the budget authorizations must
have prior approval at the appropriate level.
■■
The sales and contract process is carefully reviewed by the local
teams, BUs, divisions or Group-level teams, depending on the
materiality level, before the actual commitment is made..
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The Cash Flow-Finance process also involves specific
commitments. So, for instance, all financial investments are
managed at Group level.
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The pay process ismanaged at operational unit level and is regularly
reviewed both by the internal audit team and by external auditors.
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The Health, Safety, and Environment (HSE) process involves a
monthly review of management indicators (industrial accident
rates, non-compliances, etc.). and of the resulting main corrective
action plans.
LISI 2017 FINANCIAL REPORT