En ces périodes de fêtes, je vous suggère une idée de cadeau : un article ! En effet, quoi de plus beau qu'un article photocopié et broché sous le sapin prêt à être lu ? ... Je plaisante (quoique tout le monde sait qu'un chercheur n'arrête jamais de chercher) mais vous glisse pour information un article paru sur le site SSRN à propos de la corporate governance en Italie : « Corporate Law Reforms in Europe: The Two-Tier Model and the One-Tier Model of Corporate Governance in the Italian Reform of Corporate Law », Bocconi Legal Studies Research Paper No. 15.
ABSTRACT: This paper explores the Italian reform of corporategovernance of 2003, which, for the first time, allowedcorporations to choose among three different models of governancein part inspired by foreign legal systems.Italian corporations have three governance options. First,corporations may adopt the Italian traditional system ofgovernance which has been modernized by the reform of corporatelaw. This model of governance is still the most influential andmost commonly used in Italy. Besides the traditional model twoother "alternative" systems of governance were created by the2003 reform: the two-tier system and the one-tier system. Thefirst model owes its basic structure to the German tradition,where the shareholders' meeting appoints a supervisory board,which then appoints a management board. In contrast, the one-tiermodel derives from the Anglo-American tradition. In this systemthe shareholders' meeting appoints the board of directors, whichthen appoints a number of directors to an audit committeeentrusted with monitoring functions.Taking into account the initial goals of the Italian legislatorin designing the 2003 reform, we illustrate how the models havebeen implemented in Italian practice, and describe the initialpredictions of their benefits and disadvantages. Then, we providesome empirical evidence of the practical consequences of theItalian reform of corporate governance three years after itsenactment, and we investigate whether the predictions mentionedabove were accurate.
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