Italian Corporate Governance in the Last 15 Years
Italian Corporate Governance in the Last 15 Years

Author: Marcello Bianchi

Publisher:

Published: 2007

Total Pages: 42

ISBN-13:

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Between 1990 and 2005 the Italian legal and economic framework relating to financial markets experienced major developments (a new Banking Law was passed, institutional investors' role increased in financial markets, the stock market was privatized, a securities law was enacted, a corporate governance code was introduced and then twice revised; a new company law has been enacted; the law on savings has further strengthened shareholders' protection). All these changes should have deeply affected the governance structure of Italian companies. We provide an in-depth (descriptive) analysis of the evolution of both unlisted and listed corporate governance over the period, with the aim of evaluating the effect of the reforms in the light of the recent theoretical developments. We find limited changes in the ownership and control structures of unlisted firms and listed companies. At the same time there is no substantial increase in the access to stock market.For both listed and unlisted companies we observe some changes in the instruments used to ensure stability of control. In unlisted companies the aim is pursued through an increasing use of by-laws clauses that restrict the transferability of shares; in listed companies the objective was reached in the past through an extensive use of pyramids, more recently by establishing shareholders' coalitions of various nature, with an increasing relevance of bank-firm relationships.This evidence shows that no radical change occurred; this suggests on the one side, that it might still be necessary to further strengthen shareholders' protection; on the other side, that the unwillingness of owners to release control is central in understanding the limited separation between ownership and control in Italy. The role of coalitions and the nature of the bank-firm relationships seem to be the main issues for both regulatory and market developments.

A Primer on Corporate Governance
A Primer on Corporate Governance

Author: Andrea Melis

Publisher: Business Expert Press

Published: 2017-06-27

Total Pages: 217

ISBN-13: 1606498851

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This book provides an understanding of the characteristics of corporate governance in Italy, one of the most developed countries in the world, symbol of the family capitalism. The text presents the main peculiarities of the Italian corporate governance system, its impact on decision-making in corporate boardrooms, and the potential positive and negative consequences for the firm and its stakeholders. Several real-life case studies were included to help the reader grasp the subtleties of how power is exercised in Italian companies. The authors combine their knowledge of research with their professional experience. Such an approach helps the reader interpret the nuances of corporate governance practices in Italian companies as those practices are driven not only by the globalization of markets, but also by national economic, social, and political forces. The result is a unique corporate governance system, which deeply differs from the Anglo-American one. This book is, therefore, particularly relevant for a wide international audience (including investors, corporate directors, scholars, and practitioners) as it provides useful insights to interpret, evaluate and take sound decisions in Italian companies.

A History of Corporate Governance around the World
A History of Corporate Governance around the World

Author: Randall K. Morck

Publisher: University of Chicago Press

Published: 2007-11-01

Total Pages: 700

ISBN-13: 0226536831

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For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.

Corporate Governance in Italy
Corporate Governance in Italy

Author: Silvio Bianchi Martini

Publisher: de Gruyter

Published: 2021-10

Total Pages: 300

ISBN-13: 9783110707441

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The contribution of this book is to provide useful insights regarding the current development of the Italian corporate governance code through an international comparison. Compliance with the code may reveal interesting practices by boards towards a more sustainable corporate value creation path. Ethical behaviour by directors, inclusivity and executive compensation linked to ESG issues may strengthen the crucial role played by corporate governance and businesses against firm sustainable development.

Corporate Governance Developments in Italy
Corporate Governance Developments in Italy

Author: Andrea Melis

Publisher:

Published: 2006

Total Pages:

ISBN-13:

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The paper has described and examined the most relevant corporate governance developments in Italy, taking into account both the normative developments, such as laws and codes of conducts, as well as actual developments in corporate practices. Taking into accounting the ownership and control structure of Italian listed companies, the paper has examined the key corporate governance developments in Italy, including the 1998 Draghi law, the Preda Code of conduct and some of most recent developments concerning corporate governance after the Parmalat scandal. Regulation and actual corporate practice have been changing fast in the recent years, although they have not solved completely the key corporate governance issue concerning the relationship between controlling shareholders and minority shareholders. The paper reports that the overall awareness of the importance of corporate governance issues has increased among senior managers and directors of Italian listed companies.

Reforming the Corporate Governance of Italian Banks
Reforming the Corporate Governance of Italian Banks

Author: Nadège Jassaud

Publisher: International Monetary Fund

Published: 2014-09-25

Total Pages: 31

ISBN-13: 1484372603

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Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i) strengthening further the existing banking regulations through stricter fit-and-proper rules for directors and controlling shareholders; (ii) implementing the new related party lending regulation with tightened definitions; (iii) strengthening oversight of foundations when they are the controlling shareholders in banks; and (iv) facilitating the transformation of large cooperatives into joint stock companies.