The most senior managerial responsibility within the Company falls to the Chief Corporate Officer (CCO), the Chief Executive Officer (CEO) and the Chief Financial and Risk Officer (CFRO), according to the duties conferred by the Board of Directors.
SEA Board of Directors, in fact, did not appoint a Chief Executive Officer but instead conferred powers on the Company's Chief Officers to manage - within determined limits - the Company's ordinary activities, implementing the directives dictated by the administrative body. The Board of Directors furthermore conferred on the Chairman the power to oversee the work delegated to the Chief Officers, reporting to the Board of Directors upon the tasks assigned to them. Each Chief Officer in his/her turn partially sub-delegates some of their own delegated powers. This power delegation system ensures that the Board of Directors are constantly updated regarding the implementation of the delegated powers and thus informed of developments and key company operations.
This system is based on a clear and formalized internal structure, subdivided into distinctive units, each one with a specifically identified and respective line of hierarchical subordination, roles and responsibilities.
This organizational structure requires the structuring of responsibilities that will enhance competencies, whilst at the same time allowing for checks and balances such as:
- the Auditing Department reporting to the Chairman whilst functionally subordinate to the Board of Directors and to the Control and Risk Committee;
- staffing structures are embodied in the Chief Corporate Officer, along with the Purchasing Department and broken down according to the main corporate cost centers;
- business development competencies are centralized under the Chief Operating Officer.
These SEA Chief Officers “delegated” to manage their own relevant area regularly partake in Board meetings to provide background information or more in-depth information on the discussions tabled.