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CONSORTIUM

GOVERNING BODIES

THE COSTA SMERALDA CONSORTIUM

PURPOSE

The Costa Smeralda Consortium was established for the purpose of planning and implementing the balanced urban and residential development of a specific geographical area, with a view to tapping as fully as possible the local tourism potential.

The responsibility of steering the development of the area has been complemented, over time, by the equally important responsibility of protecting and boosting the value of the existing real estate assets.

This commitment sees the Consortium involved both in monitoring the environment (in terms of the landscape and any construction projects in the area) and in supplying a system of environmental and security services characterised by a quality level that is decidedly above-average.

LEGAL RESTRICTIONS

From the legal perspective, the restrictions put in place at the time of the establishment of the Consortium are constituted by a system of mutual servitudes on the Consortium territory, whichtherefore also apply to any subsequent purchaser.These servitudes demand compliance with the Articles of Association and the Building Regulations, and with the resolutions of the Architecture Committee as set out in Articles 1 and 3: “An obligatory Consortium is established between the owners of properties located in the Gallura region (…) named the “Consorzio Costa Smeralda”, which is a not-for-profit association, governed by Italian law and by these Articles of Association”..

“The real estate covered by the contract is subject to the guidelines set out in the Articles of Association and in the Building Regulations of the Consorzio Costa Smeralda, which the purchaser states that he/she/it is aware of and that he/she/it accepts in their entirety for his/her/itself and his/her/its assignees (…)”

GOVERNING BODIES

ASSEMBLY

The Assembly of Members is composed of all of the owners of properties located within the Consortium territory, who are called “Consortium members”.

Consortium members who, as stated in Article 15 of the Articles of Association, “have entirely satisfied the obligations deriving from these Articles of Association and the commitments made in relation to the condition of their land and the constructions that are to be built”,may ask questions at the assembly.

The assembly is usually convened once a year, in the month of July.

An extraordinary assembly may be called either at the request of the Chair or at the written request of a group of members equating to at least 1/3 of the votes. Every Consortium member may be represented by another member, on condition that both members have complied with the content of the aforementioned Article 15.

Every Consortium member is entitled to the number of votes proportionate to the number of shares attributed to the property owned by the member. The resolutions approved by the Assembly are binding upon all of the Consortium members.

BOARD OF DIRECTORS

The Board of Directors is composed of between three and ten members, the majority of which must be constituted by the Founding Consortium members.

The Assembly appoints the Board, which shall remain in office for four years. It is entitled to exercise all-encompassing powers for the management of the Consortium in relation to the economic, financial and operational aspects, and the procedures of authorisation and regulation.

The Board of Directors may appoint auxiliary committees

The current Board of Directors is composed of the following:

Renzo Persico (Chair),
Dr Mario Ferraro (Vice Chair),
Bruno Mentasti(Director),
Dr Franco Mulas (Director)

CHAIRMAN

The Chairman is appointed by the Board of Directors and performs, in the main, institutional duties. He or she calls and presides over both the Assembly and the Board of Directors. The current Chair is Avv. Renzo Persico

CHIEF EXECUTIVE OFFICER

The Chief Executive Officer is appointed by the Board of Directors, of which he/she represents the executive arm. The current Chief Executive Officer is Surveyor Massimo Marcialis. 

ARCHITECTURE COMMITTEE

The Architecture Committee constitutes the body through which the Consortium exercises all of the controls over the various phases of property development, from urban planning to infrastructure projects.

The Building Regulations represent the regulatory frame of reference in this regard and envisage that any work relating to general urban development, the construction of single properties or interventions on existing structures shall be subject to examination by the Committee.

The objectives of the Consortium also include the protection of the typical Mediterranean flora of the area. The Architecture Committee is composed of experts in the sector and by individuals selected by the Board of Directors.

The Architecture Committee appoints the “Architecture and Landscape Sub-Committee”, which is responsible for examining and evaluating smaller-scale projects and interventions.

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