Italian Corporate Governance Committee

Jul 23 2014 - 13:00

-         new entries, confirmation of the Chairman and Vice-Chairman

-         amendments to the Corporate Governance Code

In a meeting held on July 14, 2014 at Borsa Italiana’s headquarters, the Italian Corporate Governance Committee confirmed Gabriele Galateri di Genola, Chairman of Assicurazioni Generali, and Giordano Lombardo, Chairman of Assogestioni, respectively, as Chairman and Vice-chairman of the Committee.

The Committee approved certain amendments to the Corporate Governance Code, aimed, on the one hand, at enhancing “comply or explain” principle, consistently with the recent European Commission recommendation, and, on the other hand, at encouraging full disclosure of any severance payment granted to executive directors and top managers, in accordance with the provisions set out by a recent communication of the Italian Securities Authorities (CONSOB).

The new edition of the Code, now available on the Committee’s website also in the version highlighting the approved amendments, also includes certain minor changes, among which a new recommendation concerning the “claw-back” of the variable compensations paid to the executive directors or the directors covering specific tasks and/or to top managers on the basis of data subsequently proved to be manifestly misstated.    

The composition of the Committee has changed with the following new entries: Tommaso Corcos, Rodolfo De Benedetti, Patrizia Grieco and Emma Marcegaglia.

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