020513_codice preda

The Committee for the Corporate Governance of Listed Companies chaired by Prof. Stefano Preda met today at Borsa Italiana to review the implementation of the Code of Conduct published in 1999 and to consider proposals for a possible update, based on domestic and international experience and trends in the last two years.

The Committee appreciated that listed Companies had largely adhered to the principles of the Code. This trend had partly emerged in 2001 and was confirmed by the preliminary data published in 2002, which showed a considerable improvement in the quality of information disclosed by Companies on their corporate structure and organisation.

The adjustments under discussion mainly concerned aspects of the Code which displayed a need for more precise qualification: in particular the independent directors and their role, the assertion of the key role of the board of directors, the procedural and substantive aspects of dealings with related parties.

Milan - May 13, 2002