CORPORATE GOVERNANCE OF LISTED COMPANIES
Listed companies are subject to supervision by Consob, the public authority responsible for regulating the Italian securities market in order to protect investors and guarantee transparency.
The financial statements of listed companies must be audited by an independent auditing company, registered with the Ministry of Justice and meeting the technical standards required by law.
Directors must include executive and independent non-executive members and have specific duties, the most important of which are to:
Provide accurate and fair information to the public.
Draft the company’s offering prospectus when required by law.
Provide disclosure in the event of extraordinary corporate transactions.
Disclose price-sensitive information pursuant to the law.
Draft the information documents and comply with all other formalities involved in public offerings of shares, takeover bids and public exchange offers.
Disclose any information regarding transactions carried out by the managers and other parties having access to price-sensitive information.
Consob checks this information and may inspect the companies and ask for clarifications and further information from their management. Consob can also issue penalties to companies that do not provide the public with adequate information.