The submission of a slate of candidates by the board of directors is a corporate governance practice that originated abroad. Recently, this practice has spread also to Italy, gaining recognition both in the bylaws of several listed companies and through self-regulation in the Corporate Governance Code. With the enactment of Article 12 of the so-called Capitali Law, this practice has, for the first time, been provided with an ad hoc regulation, which is characterized by a very high level of detail. This change has two main effects: a) it increases the mandatory nature of the rules governing the board of directors, and b) it restricts private self-regulation, which could have offered a more suitable regulatory response in a context like Italy, characterized by the wide diversity of shareholders and governance models. In fact, self-regulation might have been a better approach to mitigate forum shopping and delisting, which to some extent are incentivized also by the current regulatory rigidity.
La presentazione di una lista di candidati da parte del consiglio di amministrazione uscente è prassi nata all’estero, che ha trovato poi riconoscimento anche in Italia negli statuti di un certo numero di società quotate e, a livello di autodisciplina, nel Codice di Corporate Governance. Con l’entrata in vigore dell’art. 12 della c.d. Legge Capitali il legislatore ha dotato per la prima volta l’istituto di una disciplina ad hoc, che si caratterizza per un livello di dettaglio molto elevato. Il risultato è quello di un aumento del tasso di imperatività della disciplina indirizzata all’organo amministrativo di società quotata, a cui consegue la sottrazione di spazio al libero esplicarsi delle fonti di autoregolazione privata, che forse sarebbero state maggiormente idonee, allo stato, a fornire una risposta regolatoria adeguata in un contesto, quello italiano, appunto, caratterizzato dall’ampia variabilità delle compagini sociali e dei modelli di governance. Con la conseguente prospettiva di poter mitigare fenomeni di forum shopping e di delisting, in certa misura incentivati anche dall’attuale tasso di rigidità della normativa
Voto di lista e lista del consiglio uscente
Lucia Calvosa
2024-01-01
Abstract
The submission of a slate of candidates by the board of directors is a corporate governance practice that originated abroad. Recently, this practice has spread also to Italy, gaining recognition both in the bylaws of several listed companies and through self-regulation in the Corporate Governance Code. With the enactment of Article 12 of the so-called Capitali Law, this practice has, for the first time, been provided with an ad hoc regulation, which is characterized by a very high level of detail. This change has two main effects: a) it increases the mandatory nature of the rules governing the board of directors, and b) it restricts private self-regulation, which could have offered a more suitable regulatory response in a context like Italy, characterized by the wide diversity of shareholders and governance models. In fact, self-regulation might have been a better approach to mitigate forum shopping and delisting, which to some extent are incentivized also by the current regulatory rigidity.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
