Corporate governance reports

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According to article 123-bis of the Consolidated Law on Finance (Legislative Decree no. 58/1998) the management report of issuers with securities admitted to trading on regulated markets shall contain a specific section (entitled: «Report on corporate governance and ownership structures») providing information regarding, inter alia, the adoption of a corporate governance code of conduct issued by regulated stock exchange companies or trade associations, giving reasons for any decision not to adopt one or more provisions, together with the corporate governance practices actually applied by the company over and above any legal or regulatory obligations [paragraph 2, letter a)].

The same article (paragraph 3) provides that these disclosures may be issued in a report separate from the management report, approved by the board of directors and published with the management report. Alternatively, the management report may refer to a section of the issuer’s web site in which such a report is published.

Borsa Italiana, with the support of Assonime, has published a "format" in order to help issuers' directors to draft the Report, as well as to help issuers' statutory auditors to fulfill their controls according to article 149, paragraph 1, lett. c-bis of the Consolidated Law on Finance. The use of this "format" is not in any way mandatory in order to comply with the above mentioned requirements.

For the Corporate Governance Reports published by issuers during 2013, click here

For the archive of previous Reports sent by issuers to the Italian Stock Exchange, click here

Last update:  April 1 2014 - 15:03


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