(Finance) – Consob has announced that it has started a new consultation today with the market financial for the purpose of implementing the regulatory delegation provided for by Capital Law with reference to the presentation of lists by the outgoing Boards of Directors (Board of Directors lists).
Following the examination of the results of the preliminary consultation, which took place between 20 November and 5 December, Consob has drawn up specific proposed changes of Issuers’ Regulations who intend to implement the new art. 147-ter.1 of the Consolidated Finance Act (TUF) and which are subject to a new consultation.
“The regulatory proposals, in line with the contributions received in the context of the preliminary consultation, are aimed at overcoming the main application problems that have arisen regarding two central themes of the list discipline of the Board of Directors: legitimacy of the members to the second individual vote; the distribution of seats on the council, when the minority lists obtain more than 20% of the votes”, reads the Consob note.
The proposals, he continues, “intend at the same time to enhance thestatutory autonomy of issuers in defining the systems for electing the Board of Directors. Further proposed amendments intend to achieve coordination of the regulations provided for in the Issuers’ Regulation with the case of the Board of Directors list”. new consultationConsob finally communicated, will end on 15 January 2025 “with the aim of approving the version definitive of the amendments to the Issuers’ Regulations in time for the 2025 meeting season”.