Boards in the Italian Listed Companies

Corporate Governance Models

Since 2004, the Italian corporate law has allowed listed companies to choose between three different corporate governance models:

(a) The Italian “traditional” board structure, which had been the compulsory board structure for listed companies since 1882, a sort of “half-way house” between the American unitary board and the German two-tier board structure. It is composed of a board of directors (named Consiglio di Amministrazione) and a board of statutory auditors (named either Collegio sindacale or Collegio dei sindaci). Both boards are appointed at the shareholders’ general meeting and their term is usually three years (see Chapter 7 for an in-depth description of ...

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