New Italian Corporate Governance Code for listed companies: sustainable success and proportionality at the heart of the new edition
Sustainability and proportionality are at the heart of the new Corporate Governance Code for listed companies recently approved by the Italian Corporate Governance Committee (the “New CG Code”) and published on 31 January 2020.
The New CG Code - which will replace the current Corporate Governance Code and will be applicable on a “comply or explain” basis, starting from the first financial year beginning after 31 December 2020 – has a renewed structure, divided into “Principles” and “Recommendations”.
The main innovation is the introduction of the concept of “sustainable success”, which is defined as “the objective that guides the action of the board of directors and which consists in the creation of long-term value for the benefit of shareholders, taking into account the interests of other stakeholders relevant to the company”.
Download an analysis on the topic by our Corporate – M&A Department