Italian Law no. 262/05
“Provisions for the protection of savings and the regulation of the financial markets”
The provisions introduced by Italian Law no. 262/05, also known as the “Savings Law”, affect all companies listed on the Italian market, whether Italian or foreign, and introduce a number of requirements with which these companies must comply.
These requirements affect various company aspects, including corporate affairs, company organization, business communications and internal audits.
In fact, the legislation requires:
- Increased accountability at a managerial level with regard to corporate communications, with an impact on the roles and responsibilities of the senior management and internal auditors.
- A strengthening in corporate communications to the market and investors, particularly in terms of the obligations to disclose and certify the veracity of the economic- financial documents issued.
- The identification of the processes that lead too the aforementioned disclosures, through the mapping of the economic-financial and capital flows used to generate the data and documents issued to the market.
- The establishment of appropriate procedures for the formalization of the activities described within these processes
- The assurance that these activities are implemented, via periodic checks verifying the suitability and practicality of the identified controls.
- The identification of a responsible figure in charge of preparing the accounting records
- Statutory changes regarding the formalization of the nominations and the compliance of the Corporate Governance practices (secret ballots, increases in the number of independent directors, increases to the shareholdings of minority shareholders, changes to the composition of the corporate bodies, etc.).
GETSOLUTION performs pre-assessments, defines the suitable processes and procedures for compliance, carries out audits and pre-audits, ensures the continuous control and improvement of the practices applied, offers training activities (including e-learning), provides and disseminates the information regarding the implemented changes at both the management and operational levels, and closely follows the evolution of the Corporate Governance practices, thus transforming the mandatory compliance procedures into an opportunity to improve the efficiency of the company’s economic/financial processes.