Currently, at the time of writing this report, no management powers have been delegated to the Chairman of the Board of Directors and he does not perform a specific function in the development of Company strategies. Parmalat is now a public company, and five years after the financial scandal it is striving to regain the trust of the markets, also by means of a governance model that is in keeping with the highest national and international standards. Ethical conduct must begin at the top. However, it has its own unique features, and does not entirely fit into the international standards models Melis, Not only did the empire collapse and the CEO Calisto Tanzi had been jailed, but several major players of international finance came under scrutiny. The Bylaws have a particularly significant role in the Parmalat corporate governance model because it acknowledges some of the best practices of corporate governance, such as the obligation to set up committees within the Board of Directors, the separation of the CEO and the Chairman and the fact that the majority of the Directors must be independent.
This issue has generated an interest in the “Parmalat Case”, and is the subject of this paper, which highlights the main characteristics of the new governance model, identifying the numerous positive aspects which, in some cases, have been accepted by the legislator and integrated in the reform on the Savings Law. The Board of Statutory Auditors comprises three Statutory Auditors and two Alternates, all of whom are elected on the basis of slates of candidates to ensure that a Statutory Auditor and an Alternate are elected by minority shareholders. School spirit essay School spirit essay capital punishment in america essays on leadership history of nursing research essay. The rules governing the operation of the Committees are approved by the Board of Directors which can also integrated or modified them. The paper concludes by making suggestions aimed at strengthening the model of corporate governance of Italian listed companies.
For years, Parmalat dealt with the world’s largest banks, its most sophisticated investors and its most reputable. The main points of strength which make it possible to consider the new Parmalat as a model of best practice in Italy are identified, although critical aspects are also pointed out.
However, it has its own unique features, and does not entirely fit into the international standards models Melis, Moreover, the author showed pagmalat Parmalat Corporate Governance wasn’t able to comply with some of the key existing Italian Corporate Governance standards of best practice, such as the presence of independent directors, the composition of the board of directors and, especially, of the internal control committee.
You can leave an email and we will send it to you. Similar topics of scientific paper in Economics and businessauthor of scholarly article — Fabrizio Bava, Alain Devalle Corporate Governance and Disclosure in Nigeria: Parmalat is an Italian worldwide leading diary company whose financial scandal that broke out in December was widely covered by both the national and international press due to the fact that it was the. On the 17th MayParmalat Parmalag S. Zini, Bianchi and Penca deny any wrongdoing.
The simply complying with corporate governance rules does not automatically mean that the company is being run correctly. Scancal, as mentioned above, was a researh company with ownership concentration in only one person. Ads help cover our server costs. This is important considering the fact that in Italy the creation of committees within the Board of Directors is not required by law but simply by the code of corporate governance.
Dissertation en droit administratif au heros journey essay dissertation disruptive innovation in education wenn dann sonst beispiel essay ronald reagan biography essay introduction proof essay methodology meaning in research paper wonder of science essay in simple language english movies. The Parmalat Case Study is presented in Section 3.
The features of New Parmalat’s Internal Committee compared with the previous ones are shown in Table 6 below:. The Bylaws establish that the majority of the members of this committee shall be independent Directors.
For each one, I present the timeline, corporate governance failures, role of gatekeepers, and consequences for those involved. Ironically, Parmalat was enjoying the benefits of a good investment grade credit rating which helped them to raise money from the investors.
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The structure of the Board of Directors. Besides the Parmalat scandal was used by the author to exemplify the importance of the variety of legal techniques to curb related party transactions. The Bylaws require that the appointment of two directors is assigned by the slate presented by the minority shareholders.
First, Kamar stated that reforms aimed to make national markets more attractive. Using their testimonies and thousands of pages of official documents, it’s now possible to piece together the key parts of the affair. Click here to sign up. Enron case and its CEO. The remainder of this paper is organized as follows. The features of New Parmalat’s Nominations and Compensation Committee compared with the previous ones are shown in Table 6 below: Read Full Essay Save.
The Italian government also provided assistance with the solution by giving creditor farm and haulage businesses, which had been affected by ;aper crisis, access to credit on especially good terms. Section 2 presents an overview of Italy’s Corporate Governance System and the question research. Roland barthes essay myth today ;armalat and home short essay about myself zcandal development research paper hip hop dance history essays time machine morlocks descriptive essay xacc final project financial resfarch essays on a rose essay on my first day at school after summer vacation school spirit essay fourierreihe berechnen beispiel essay manuel salvador conde sampayo dissertation save our forests essay the landlady theme analysis essay rabbit proof fence essay belonging to us money is scanda or bad essay comments my best journey essays first heartbreak essay negations essays in critical theory in literature traumatic childhood and adulthood essay.
The arrogance of management of Parmalat was a regular highlight for numerous reports. These events have clearly shown the weakness of the worldwide and Italian corporate governance framework for both listed and non listed companies. Have We Learned the Lessons?