Download or read book How Independent are Independent Directors The Case of Italy written by Paolo Santella and published by . This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyse and quantify the extent to which corporate disclosure for the financial year 2003 allows for verification of the independence of directors formally identified as independent by the 40 Italian blue chips. In order to do this, we used as a benchmark the voluntary independence requirements of the Italian Corporate Governance Code (Preda Code, 2002) and the voluntary independence requirements of the EC Recommendation (2005) on non-executive and supervisory directors (a proxy for international best practice). This is a new methodology that can be applied equally to any other country: to our knowledge so far nobody has systematically verified whether listed companies in fact apply the independence standards they declare that they follow. We find that, for the two key independence requirements of not having business relationships with the company and not having too many concurrent commitments outside the company, the level of compliance is dramatically low: 4% and 16% respectively. Overall, it is possible to verify compliance with all the Italian independence standards for only 5 out of the 284 directors formally identified as independent by their companies, and for only 4 directors with respect to the EC standards. The results of this study bring into question the effectiveness of securities market monitoring and call for further quantitative analysis of corporate governance.
Download or read book Women Directors written by P. Profeta and published by Springer. This book was released on 2014-07-29 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Women Directors analyzes the Italian law on gender quotas in boards as a vital opportunity for the country and a key international case. It provides a broad perspective of the new Italian experience, which has the potential of influencing the way of addressing gender issues worldwide.
Download or read book Corporate Governance and Firm Value in Italy written by Bruno Buchetti and published by Springer Nature. This book was released on 2021-01-04 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book expands on the literature on the characteristics of management boards by especially focusing on family-listed and family-controlled companies, as they are ideal for studying board heterogeneity. It uses specific multidimensional indices and in-depth econometric analysis to introduce new variables, such as international experience, that represent a source of competitive advantage for firms in today’s globalized world. In addition, by examining the heterogeneity ratio and the representation of independent and family directors, the book demonstrates how family-controlled firms use independent directors to import their heterogeneous expertise. The book makes a threefold contribution: for regulators, it offers suggestions on improving the quality of reporting in family-controlled firms; for researchers, it demonstrates the importance of including directors’ characteristics apart from the firm-specific factors in their analyses; and for practitioners, it shows that selecting directors with specific characteristics can have a substantial impact on firms’ performance.
Download or read book Dissenting Directors written by Piergaetano Marchetti and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expressions of dissent by corporate directors are a valuable, indeed vital, attribute of good corporate governance. Vocal opposition by a director, for example, might help correct a good-faith mistake or, in more serious and extreme circumstances, warn the market of possible abuse and other risks for investors. If acquiescence and conformism are negative, however, dissent is not necessarily a sign of independence, and can be disruptive and ill-motivated. Notwithstanding the potential importance of director dissent, the subject has been largely neglected in the academic literature, also due to the scarcity of empirical or anecdotal evidence. As a result, we know virtually nothing about why, when, and with what consequences directors dissent from their fellow board members. We examine empirically dissent of directors - expressed either voting against a resolution of the board, or resigning from the board - using handpicked data from the Italian market. Differently from the few other works on this issue, we also consider dissent expressed by non-independent directors. The Italian system offers a particularly interesting case in light of the prevailing ownership structures and of the legal rules governing the composition of the board. The paper is organized as follows. After an overview of the existing literature on directors' dissent, we discuss the legal framework of dissent under Italian law, clarifying the relevance and effects of split votes on the board, and resignation of board members. We then present our dataset and discuss some methodological issues we encountered. In our empirical analysis, we address four questions: (a) What are the topics directors more often dissent on? (b) What are the characteristics of dissenting directors in terms of age, gender, education, compensation, who appointed them, but also organization of the board (e.g. if the positions of President and CEO are separated); (c) In what types of corporations is dissent more common, with respect in particular to economic performance; (d) What are the consequences of dissent in terms of cumulative abnormal returns and volatility of the shares. Based on the results of the analysis, we offer some conclusions and raise some policy questions.
Download or read book Handbook on International Corporate Governance written by Chris A. Mallin and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Throughout the world there is conflict between the desire to reap wealth from strong corporate functioning and the imperative of preserving the integrity of the sovereign state. Christine Mallin has assembled a collection of delightful essays describing the current circumstances of corporate governance in a variety of different countries. The volume reads like a story, fascinating, accessible and informative. The book can be read for information in each article or as a totality giving insight into the critical balancing of interests required in particular countries. Anyone buying this book – and you should – will have a fine experience.' – Robert Monks, Lens Governance Advisors, US The second edition of this major Handbook provides a thoroughly revised and extensive analysis of the development of corporate governance across a broad range of countries including Australia, China, Germany, India, Italy, Japan, Poland, Russia, South Africa, Spain, Turkey and the UK. Additional coverage in this second edition includes Brazil, Hungary, Malaysia, and Norway. The Handbook reveals that whilst the stage in the corporate governance life cycle may vary from country to country, there are certain core features that emerge such as the importance of transparency, disclosure, accountability of directors and protection of minority shareholders' rights. With contributions by leading academics and practitioners in the field of corporate governance, this important Handbook provides a comprehensive insight into the evolution of corporate governance in countries with diverse cultural, economic and legal systems.
Download or read book Experimental and Independent Italian Cinema written by Cristiano Anthony Cristiano and published by Edinburgh University Press. This book was released on 2020-07-06 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussing a variety of independent and experimental Italian films, this book gives voice to a critcically neglected form of Italian cinema. By examining the work of directors such as Marinella Pirelli, Mirko Locatelli and Cesrae Zavattini, the book defines, inspects and studies the cinematic panorama of Italy through a new lens. It thereby explores the character of independent films and their related practices within the Italian historical, cultural and cinematic landscape.
Download or read book A Primer on Corporate Governance written by Andrea Melis and published by Business Expert Press. This book was released on 2017-06-27 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Italian Company Law written by Marco Carone and published by EGEA spa. This book was released on 2015-03-30T00:00:00+02:00 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a general outlook of the legal framework governing companies limited by shares under Italian law for students, scholars and legal practitioners. It contains a presentation of the theory of the firm and its connections with Italian company law, in an effort to move these concepts closer to the understanding of international readers. The Authors have been teaching Italian business law to international students at Bocconi University in Milan for many years and this book owes much to their academic experience. At the same time, however, the Authors have leveraged on their experience as international business lawyers in order to keep the explanation plain and practical to any possible extent.
Download or read book The Anatomy of Corporate Law A Comparative and Functional Approach written by Reinier Kraakman and published by Oxford University Press, USA. This book was released on 2009-07-23 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second edition of this highly regarded comparative overview of corporate law. It argues that the main function of corporate law is to address conflicts of interests and that, despite economic and social diversity, legal strategies employed across jurisdictions are surprisingly similar.
Download or read book The Anatomy of Corporate Law written by Reinier H. Kraakman and published by Oxford University Press. This book was released on 2017 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.
Download or read book Board of directors in the italian utilities written by Anna Menozzi and published by Giuffrè Editore. This book was released on 2010 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Independent Directors in Asia written by Dan W. Puchniak and published by Cambridge University Press. This book was released on 2017-11-02 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of the independent director in Asia is an issue of global consequence that has been largely overlooked until recently. Less than two decades ago, independent directors were oddities in Asia's boardrooms. Today, they are ubiquitous. Independent Directors in Asia undertakes the first detailed analysis of this phenomenon. It provides in-depth historical, contextual and comparative perspectives on the law and practice of independent directors in seven core Asian jurisdictions (China, Hong Kong, India, Japan, Singapore, South Korea, Taiwan) and Australia. These case studies reveal the varieties of independent directors in Asia, none of which conform to its original American concept. The authors develop a taxonomy of these varieties, which provides a powerful analytical tool for more accurately understanding and effectively researching independent directors in Asia. This new approach challenges foundational aspects of comparative corporate governance practice and suggests a new path for comparative corporate governance scholarship and reform.
Download or read book International Corporate Governance written by Thomas Clarke and published by Taylor & Francis. This book was released on 2017-05-03 with total page 733 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of Thomas Clarke’s popular International Corporate Governance offers a comprehensive guide to understanding corporate governance as a discipline, while incorporating new case studies and material that takes account of the implications of the global financial crisis and the continuing sustainability crisis.
Download or read book Italian Banking and Financial Law Crisis Management Procedures Sanctions Alternative Dispute Resolution Systems and Tax Rules written by D. Siclari and published by Springer. This book was released on 2016-01-12 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within an environment made difficult by the continuing economic crisis, the Italian model for crisis management and resolution has helped to avoid many difficulties faced by intermediaries across the globe. However, the Italian model for crisis management will be forced to adapt to the new EU Bank Recovery and Resolution Directive, which introduces a unified regime for such events in all EU countries. This book explores the various methods for crisis management employed in Italian finance. The authors discuss procedures used in the banking and insurance sectors, such as deposit guarantee schemes and alternative dispute resolution systems. They also explore the evolution of the administrative sanctioning systems, and the roles of tax rules and credit rating agencies in Italian finance. This book analyses the evolution of the various crisis management processes, and discusses potential goals and improvements within the context of recent measures suggested by the European Commission.
Download or read book Corporate Boards in Law and Practice written by Paul Davies and published by OUP Oxford. This book was released on 2013-11-28 with total page 3778 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate boards play a central role in corporate governance and are thus regulated in the corporate law and corporate governance codes of all industrialized countries. Yet while there is a common core of rules on the boards considerable differences remain. These differences depend partly on shareholder structure, partly on historical, political and social developments and especially employee representation on the board. More recently, in particular with the rise of the international corporate governance code movement, there is a clear tendency towards convergence, at least in terms of the formal provisions of the codes. This book analyses the corporate boards, their regulation in law and codes and their actual functioning in ten European countries (Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, Switzerland and the United Kingdom). It offers the most up to date practical and analytical information on boards in Europe by leading company law experts. The issues addressed include: board structure, composition and functioning (one tier v. two tier, independent directors, expertise and diversity, separating the chair and the CEO functions, information streams, committees, voting and employee representation); enforcement by liability rules (in particular conflicts of interest), incentive structures (remuneration) and shareholder activism.
Download or read book Organizational Resilience and Female Entrepreneurship During Crises written by Paola Paoloni and published by Springer Nature. This book was released on 2022-03-16 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic, health, and political crises, as well as the rise of the digital age, have changed and complicated the way in which people, companies, and regions function. The goal is not just survival, but also to innovate and organize themselves to chart new paths for growth and development. This book uses this premise to understand how organizations, in particular female-led businesses, work on their resilience using specific activities and relational capital as a driver of strategic value. The chapters include theoretical as well as practical contributions about how female-owned and female-run companies and organizations can take advantage of such opportunities, in terms of challenges, issues, tools, facilitators, and mechanisms that can support the use of the new opportunities in the near future.
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
