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EU Observatory
Estratti delle evoluzioni nello scenario corporate
governance in base alle notizie diffuse dalle varie
associazioni e enti di riferimento
Giugno 2016
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Tutti i diritti riservati
Index
European and Italian Authorities
1. PARLAMENTO EUROPEO E CONSIGLIO UE
2. IVASS - Istituto per la Vigilanza sulle assicurazioni
Associations/Institutes
3. FRC - Financial Reporting Council
4. FEE - Federation of European Accountants
5. OECD - Organisation for Economic Co-operation and Development
6. Surveys & Insights
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1) PARLAMENTO EUROPEO - CONSIGLIO UE
Issuer
Description
Title
PARLAMENTO
Proposta
di
Regolamento
del
EUROPEO
E Parlamento Europeo e del Consiglio
CONSIGLIO
relativo al prospetto da pubblicare per
DELL’UNIONE
l'offerta al pubblico o l'ammissione alla
EUROPEA
negoziazione di titoli.
Link to document
Il Consiglio dell’Unione Europea ha approvato una posizione negoziale in merito a Proposta
di
Regolamento
del
nuove norme sui prospetti per l'emissione e l'offerta di titoli.
Parlamento Europeo e del Consiglio
relativo al prospetto da pubblicare per
Il progetto di regolamento mira a ridurre uno dei principali ostacoli normativi che le l'offerta al pubblico o l'ammissione alla
imprese si trovano ad affrontare quando emettono titoli di capitale e titoli di debito e negoziazione di titoli
intende semplificare gli obblighi amministrativi relativi alla pubblicazione di prospetti, in
modo tale da continuare a garantire un'adeguata informazione degli investitori.
Con la presente bozza di Regolamento si vuole inoltre incentivare amministratori e
dipendenti a detenere titoli della propria società così da avere un impatto positivo sul
governo societario e contribuire alla creazione di valore a lungo termine, promuovendo
la dedizione e il senso di appartenenza dei dipendenti, allineando gli interessi rispettivi
di azionisti e lavoratori e offrendo a questi ultimi opportunità di investimento. La
partecipazione dei lavoratori nella proprietà dell'impresa in cui lavorano è
particolarmente importante per le piccole e medie imprese (PMI), nelle quali è
verosimile che i singoli dipendenti abbiano un ruolo significativo per il successo
dell'impresa.
Per assicurare a tutti gli amministratori e a tutti i dipendenti parità di accesso ai piani di
azionariato dei dipendenti, indipendentemente dal fatto che il datore di lavoro sia
stabilito nell'Unione o al di fuori di essa, non dovrebbe più essere necessaria una
decisione sull'equivalenza dei mercati dei paesi terzi, purché detto documento venga
messo a disposizione. In tal modo tutti i partecipanti ai piani di azionariato dei
dipendenti beneficeranno di parità di trattamento e di informazione.
Il presente regolamento costituisce una tappa essenziale verso il completamento
dell'Unione dei mercati dei capitali,
Una riforma delle norme sui prospetti è tra le misure annunciate dalla Commissione
nell'ambito del suo "piano di investimenti per l'Europa" del 2014.
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2) IVASS
Issuer
Title
IVASS – Istituto Regolamento n. 22 del 1° giugno 2016
per la Vigilanza concernente la vigilanza sul Gruppo,
sulle assicurazioni nonché il recepimento delle Linee
Guida emanate da EIOPA sulla
metodologia
della
valutazione
dell’equivalenza da parte delle Autorità
nazionali di vigilanza ai sensi della
direttiva Solvency II.
Description
Il testo regolamentare in oggetto si propone di fornire la cornice giuridica relativa alle
modalità di applicazione degli strumenti di vigilanza di gruppo (tra cui solvibilità di
gruppo, monitoraggio delle operazioni infragruppo, concentrazione dei rischi e la
governance) la cui disciplina è contenuta in separati regolamenti.
Regolamento n. 22 del 1° giugno 2016
concernente la vigilanza sul Gruppo,
nonché il recepimento delle Linee
Guida emanate da EIOPA sulla
metodologia
della
valutazione
Il Regolamento si compone di 30 articoli ripartiti in sei Capi:
dell’equivalenza da parte delle Autorità
- Il Capo I reca le disposizioni generali, ovvero l’indicazione delle fonti normative, nazionali di vigilanza ai sensi della
l’elenco delle definizioni mediante rinvio al Codice e l’ambito di applicazione;
direttiva Solvency II
- Il Capo II prevede le disposizioni di vigilanza di gruppo;
- Il Capo III introduce le disposizioni generali in materia di funzionamento e
organizzazione del gruppo, riprendendo analoghe disposizioni già contenute nel
Regolamento n. 15/2008;
- Il Capo IV disciplina i regimi di vigilanza per i sottogruppi nazionali di gruppi la cui
ultima società controllante ha sede in uno Stato membro o in uno Stato terzo. Il Capo - IV disciplina, inoltre, le regole procedimentali fondamentali ovvero a rilevanza esterna
relative al procedimento di valutazione di equivalenza ad implementazione delle linee
guida EIOPA;
- Il Capo V regola la formazione e tenuta dell’Albo delle società capogruppo di cui
all’art. 210-ter del Codice.
La trasparenza della struttura del gruppo considerati i profili di rischio collegati al
governo societario del gruppo ed alle interrelazioni tra le varie entità che lo
compongono è uno dei criteri con cui L’IVASS valuta la struttura.
In ogni momento l’IVASS può:
a) ordinare la modifica della composizione societaria del gruppo;
b) richiedere le ulteriori modifiche nell’assetto organizzativo e di funzionamento del
gruppo necessari a garantire la sana e prudente gestione del gruppo e il corretto
esercizio dei poteri di vigilanza.
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3) FRC
Issuer
Description
Title
Link to document
FRC - Financial Guidance on Audit Committees April This guidance is designed to assist company boards in making suitable arrangements Guidance on Audit Committees. April
Reporting Council 2016.
for their audit committees, and to assist directors serving on audit committees in 2016
carrying out their role.
While boards are not required to follow this guidance, it is intended to assist them
when implementing the relevant provisions of the UK Corporate Governance Code.
Best practice requires that every board should consider in detail what audit committee
arrangements are best suited for its particular circumstances.
Audit committee arrangements need to be proportionate to the task, and will vary
according to the size, complexity and risk profile of the company. While all directors
have a duty to act in the interests of the company the audit committee has a particular
role, acting independently from the executive, to ensure that the interests of
shareholders are properly protected in relation to financial reporting and internal
control.
FRC - Financial Update on the discussion paper:
Reporting Council Improving the Quality of Reporting by
Smaller Listed and AIM Quoted
Companies.
This document provides an overview of the feedback to the discussion paper
“Improving the Quality of Reporting by Smaller Listed and AIM Quoted Companies”.
The purpose of the discussion paper was to set out the FRC’s view of the underlying
reasons for poorer quality reporting by some smaller listed and AIM quoted companies
and to put forward a range of proposals designed to help them improve the quality of
their reporting.
The paper highlighted the importance of high quality reporting to investors in smaller
quoted companies. In a segment of the market where liquidity and access to capital is
more limited, high quality reporting can differentiate companies, resulting in an
increased likelihood of investment.
To help smaller companies achieve this the FRC set out a number of proposals to
facilitate improvements in the quality of reporting.
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Update on the discussion paper:
Improving the Quality of Reporting by
Smaller Listed and AIM Quoted
Companies
4) FEE
Issuer
Description
Title
Link to document
FEE
– Member States’ implementation of At the deadline for Member States to implement the new EU rules for statutory audit Member States’ implementation of new
FEDERATION OF new EU audit rules.
into their national laws, the Federation presents the state of play of this process in the EU audit rules
EUROPEAN
28 Member States. The Federation has analysed Member States’ decisions and
ACCOUNTANTS
visualised the potential outcomes for the key options regarding:
- providing non-audit services;
- mandatory audit firm rotation;
- organising public oversight.
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5) OECD
Issuer
Description
Title
Link to document
OECD
- OECD Report to G7 Leaders on This note describes work undertaken by the OECD to support the implementation of OECD Report to G7 Leaders
Organisation for Responsible Business Conduct.
the 2015 G7 Leaders’ Declaration in the area of responsible business conduct. The Responsible Business Conduct
Economic
Conote covers four areas of action mentioned in the Leaders’ statement:
operation
and
1. Outreach on responsible business conduct (RBC) standards to other countries;
Development
2. Development of guidance for supply chain due diligence;
3. Monitoring of multistakeholder initiatives; and
4. Strengthening National Contact Points.
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on
6) Surveys & Insights
Issuer
Description
Title
Link to document
Financialdirector.c More accountability expected from Launching her leadership campaign, the incoming prime minister announced a policy CII Urges IPOs to Adopt Equitable
o.uk
with
Theresa
May’s
corporate to put employee and consumer representatives on company boards.
Equity Structures
governance reforms.
Such a pledge would not sound out of place in a Labour leadership campaign.
The plans are indeed radical, but have some precedent in Germany where companies
such as Siemens operate an advisory board that consists of 50% of employee
representatives.
Under the German model, which is very different to the UK, there are two boards. The
management board is comprised of company executives held accountable by a
supervisory board made up of independent directors and employee representatives.
Il Sole 24 Ore
Monito Bce alle banche: migliorare La gran parte delle banche vigilate dalla Bce «devono migliorare la governance e i Monito Bce alle banche: migliorare
governance e presidi sui rischi.
presidi sui rischi per essere in linea con le migliori pratiche internazionali».
governance e presidi sui rischi
Lo scrive la Vigilanza della Bce dopo aver effettuato, nell'ambito della valutazione
annuale Srep, un focus sul tema della governance interna, ossia quella parte della
corporate governance che si occupa della definizione di ruoli e responsabilità delle
persone rilevanti all'interno della banca nonché dell'interazione tra i vari organismi e
comitati interni.
L'Ssm, la Vigilanza Bce, aggiunge che intende utilizzare vari strumenti per valutare la
buona governance della banca.
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6) Surveys & Insights
Issuer
Corporate
Compliance
Insights
Description
Title
Link to document
The Code of Conduct – A Cornerstone Governance is not just about rules and regulations. It is about corporate culture and The Code of Conduct – A Cornerstone
for Effective Governance.
the way a company conducts its business in an ethical, responsible way. From the top, for Effective Governance
the executive team follows the chief executive’s lead in fostering a strong ethical
environment in their various dealings with employees, customers, suppliers, investors,
creditors, insurers, regulators, competitors, auditors and other stakeholders – behavior
observed by their direct reports and, either directly or indirectly, by many other
individuals both within and outside the organization.
An open and empowering culture in which responsible business behavior is expected,
as well as practiced at all levels of the organization, is fundamental to preserving
reputation and brand image in the marketplace.
Corporate
Compliance
Insights
Do Boards of Directors Have a Use-By The value of board directors to a company’s value increases the longer they serve — Do Boards of Directors Have a Use-By
Date?
at least for nine years, according to new research from QMA that examines the Date?
relationship between average board tenure and current and future market value and
future stock returns. But as all good things must come to an end, the study carries a
word of caution and an implied “use-by-date”.
After nine years, the positive relationship between tenure and company value reverses
and values decline, especially at fast-growing companies that require directors to keep
up with technological trends.
Corporate
Compliance
Insights
Defining
“Effective”
Compliance Programs.
Ethics
and The compliance profession faces many challenges. Some are more important than Defining
“Effective”
others.
Compliance Programs
When it comes to evaluating performance or measuring compliance programs, the
profession faces a steep uphill climb. Unfortunately, measuring compliance programs
and defining what an “effective” program is an issue that requires extensive research
and analysis. It is time now to develop a comprehensive focus on this specific issue.
Everyone has an opinion when it comes to an “effective” program, but no one has the
research or the data to back it up.
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Ethics
and
6) Surveys & Insights
Issuer
Business Europe
Description
Title
The EU needs a coherent global The European Union is facing many challenges but it also has many assets and talents
strategy and must tackle uncertainties on which to draw in order to overcome present difficulties.
dampening recovery - BusinessEurope
statement.
Companies are definitely part of the solution.
Link to document
The EU needs a coherent global
strategy and must tackle uncertainties
dampening recovery - BusinessEurope
statement
However, they need a stable and supportive environment. They need more Europe in
areas where single member states acting separately will not be able to answer
legitimate requests for a more secure and prosperous Europe.
The modest economic recovery in the European Union and Euro Area should continue.
However, urgent action is needed to address the international, European and national
factors of uncertainty which are undermining companies wishes to invest, grow and
foster employment in Europe.
Jdsupra.com
Convergence of Audit and Compliance For years, companies have segregated audit and compliance functions. Sarbanes- Convergence of Audit and Compliance
Functions.
Oxley’s reform of the internal audit function bolstered and transformed the role of the Functions
internal auditor and the audit function.
As a consequence, internal auditors have been riding high for years in the corporate
world. Chief compliance officers are focusing on compliance audits as an important
aspect of an effective compliance program.
The convergence of compliance and internal auditing functions is an important trend
that requires even closer coordination between the compliance and audit functions. It is
a trend that should be welcomed and embraced by CCOs and Internal Auditors.
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6) Surveys & Insights
Issuer
Oxford Business
Law Blog
Description
Title
Link to document
Corporate Governance, Companies’
The current evidence on the relation between corporate governance on disclosure and Corporate Governance, Companies’
Disclosure Practices, and Market
the timeliness of firm’s price discovery is mainly country specific.
Disclosure Practices, and Market
Transparency: A Cross Country Study.
Transparency: A Cross Country Study
Our paper “Corporate governance, companies’ disclosure practices, and market
transparency: A cross country study” (available here) examines the association
between firm’s corporate governance, and disclosures and stock price discovery on a
cross country basis.
By conducting a cross-country study we wanted to resolve the question of whether
there was a complementary or substitution relation between corporate governance,
and firm disclosure and the timeliness of information relating to the firm’s annual
earnings performance.
Stanford
Graduate School
of Business
Scoundrels in the c-suite. How should
the board respond when a CEO’s bad
behavior makes the news?
Governments around the globe are increasingly relying on non-financial disclosure Scoundrels in the c-suite. How should
obligations to promote social goals, making social disclosure the mot du jour. However, the board respond when a CEO’s bad
this amalgamation of financial market disclosure requirements with social goals signals behavior makes the news?
a convergence of private and public goals. Private corporations are now being asked,
indirectly, to take on a role in promoting social policies − a role traditionally allocated to
governments.
This article examines the utility of disclosure rules in promoting social policies.
It concludes that the role for public issues in corporate and securities law is limited, but
that disclosure rules that are narrow in scope and boast a high degree of specificity
can be effective supplementary devices for promoting social aims.
Lexology.com
Corporate governance: 10 Practical
Tips for Self-Assessment.
Corporate governance is not just a regulatory necessity – it is a cornerstone of running Corporate governance: 10 Practical
a well-controlled business. UK and international regulators continue to focus on this Tips for Self-Assessment
area and more changes are inevitable with the introduction of the Markets and
Financial Instruments Directive II (‘MiFiD II’) and the extension of the Senior Managers
and Certification Regime (‘SMCR’) across the entire UK financial services sector.
Non-executive directors (‘NEDs’), compliance officers, company secretaries or legal
counsels often wrestle with how to make governance processes pragmatic and
practical. The article explores ways of addressing those challenges.
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