Il sistema dei controlli interni delle società quotate: a piccoli passi verso la semplificazione?

In the wake of the 2010s corporate scandals and financial crises, several regulatory efforts have added new layers of controls to the corporate governance system for Italian listed companies. The overall result has strengthened internal corporate controls and made financial information more reliable, but the applicable rules show many overlaps and create the risk of loopholes. In order to make the regulatory framework both simpler and more effective, Consob has recently issued some proposals for reforms. Although reflecting a (pragmatic) piecemeal approach, the proposed measures aim at coordinating rules on some key issues such as directors' independence, the limits to the number of seats on which members of the audit bodies can sit, so- called alternative governance systems (the Anglo-US style one tier board and the German style two tier board), and the role of the audit committee