文档介绍：COMMITTEE FOR THE CORPORATE GOVERNANCE
OF PANIES
REPORT
CODE OF CONDUCT
TRANSLATION
(for reference purposes only)
Towards the end of 1998, I thought that a series of favourable conditions was existing
in Italy for convening mittee with the aim of drawing up a Report on Corporate
Governance of panies and drafting a Code of Conduct.
The market capitalisation of the Stock Exchange had risen close to 50% of GDP,
putting the capital market back at the centre of the financial stage, the primary and
secondary legislation introduced by the Consolidated Law on Financial
Intermediation and the related implementing regulations had brought conditions in
this field into line with those prevailing in the other countries with highly developed
financial systems, the “Comitato Piazza Finanziaria” was making good progress, the
internationalisation of the Stock Exchange was a fait pli, with some 40% of
turnover originating abroad, the industrial and financial system had assimilated the
European and global scope petition, the institutionalisation of savings had
e of major importance.
In this increasingly international and institutional environment, ess peting
for access to the financial markets and minimising the cost of capital also depends on
the guarantees of efficiency and reliability that the system of Corporate Governance
can provide.
The preparation of a Code of Conduct in the field of Corporate Governance is
therefore to be seen as offering Italian panies an instrument able to further
reduce the cost of recourse to the capital market.
Naturally, such a Code is also a means of fostering the proper control of business
risks and dealing adequately with potential conflicts of interest, always liable to
interfere in relations between directors and shareholders and between majority and
minority interests. heless, since the economic and legal framework of the Italian
economy and, in particular, of panies was and is satisfactory, the latter can
inter