Master Thesis

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Transcript of Master Thesis

  1. 1. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
  2. 2. ! ! ! ! ! Last but not least, for you: Doubt thou the stars are fire; doubt that the sun doth move; doubt truth to be a liar; but never doubt I love. ! ! Vittoria Tamsui, Dec. 2014 i
  3. 3. ! ! ii ! !
  4. 4. ! iii Title of Thesis: Italys Corporate Governance: Parmalat Total pages: 113 Key word: Italy, Corporate Governance, Parmalat, Globalization, Ownership and Control Name of Institute: Graduate Institute of European Studies, Tamkang University Graduate date: January, 2015 Degree conferred: Master Name of student: Yen, Wei-Ching Advisor: Dr. Li-Jiuan Chen-Rabich, LL. M Abstract: ! ! The Enron scandal in the USA has also widespread to European Countries. The Parmalat scandal happened in 2003 in Italy and had a great impact on the investors confidence. The Parmalat scandal led to corporate governance reform not only in Italy, but also in the EU. This essay works on the Parmalat scandal in order to explain its background and its influence on the corporate governance reform in Italy and in the EU. This essay also rethink of the significance of the global corporate governance. ! ! ! ! ! ! ! ! ! ! !
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  9. 9. ! ! ! ! 1
  10. 10. ! ! ! 2
  11. 11. ! ! ! ! ! ! ! ! Corporations and Partnerships in Italy ! ! Federico Pernazza ! Kluwer Law International, Netherlands, 2010 (ISBN 978-90-411-3359-5) 3
  12. 12. Italy Company Laws and Regulations Handbook ! ! International Business Publications ! International Business Publications, USA, 2009 (ISBN 1-4330-7003-0) Investors Trust after Parmalat Scandal: The Role of Corporate Governance. ! ! Givovanni DOrio ! ! Rende (CS) Italy, Italia, 2003 A Review of Italian and UK Company Law ! ! ! ! ! ! Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili & The Association of Chartered Certified Accountants ! The Certified Accountants Educational Trust, London, 2009 4
  13. 13. ! ! ! Financial Scandals and the Role of Private Enforcement: The Parmalat Case ! ! Guido Ferrarini & Paolo Giudici ! ! European Corporate Governance Institute, 2005 5 Italy Company Laws and Regulations Handbook, USA: International Business Publication, 2009,1 p.30.
  14. 14. ! ! ! ! ! ! 6
  15. 15. ! 7
  16. 16. ! ! ! ! ! 8 ! Parmalat 2004 507 122 ! 123
  17. 17. " ! ! 9
  18. 18. ! ! 10
  19. 19. ! ! 11 1919 (Partito Popolare Italiano, PPI) 19438 1944 1994 http://it.wikipedia.org/wiki/Democrazia_Cristiana, Last Visited 23/12/ 2014. 9 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p6.10
  20. 20. ! ! ! 12 Ibid.11 Ibid., p.7.12 Ibid.13
  21. 21. ! ! 13 (2004)14 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p8.16 (2004) 13
  22. 22. ! ! ! ! 14 Cavaliere del lavoro, Cavaliere di Gran Croce dellOrdine al merito della Repubblica Italiana e18 Medaglia doro ai benemeriti della cultura e dellarte http://it.wikipedia.org/wiki/Calisto_Tanzi, Last Visited 23/12/2014. (2004) 13 1997 (Banca Popolare di Milano Group)20 http://www.bancaakros.it/en/banca-akros/who-we-are.aspx#ad- image-13, Last Visited 23/12/2014. 7 (UniCredit SpA)21 2800 19 910 https://www.unicreditgroup.eu/en.html, Last Visited 23/12/2014.
  23. 23. ! ! 15 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p9.22 Ibid., p.11.23 Ibid.24
  24. 24. ! 16 1998 AMBROSIANO VENETO CAPRLO 199925 (COMMERCIALE ITALIANA) 2001 5 IntesaBci 2002 (BANCA INTESA) 2003 1 1 2006 (Generali) http://www.bancaintesa.rs/code/ navigate.aspx?Id=42, Last Visited 23/12/2014. Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p11.26 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p12.29
  25. 25. ! ! 17 (2004) 14.30 Ibid.31
  26. 26. ! 18 (2004) 14.33
  27. 27. ! 19 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p12.35 Dobson, W.D.(2004). PARMALAT, Discussion paper No.2004-4, Babcock Institute, p.12.36
  28. 28. ! ! ! 20 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p13.37 38 39
  29. 29. ! ! ! ! ! ! ! ! 21 History of Parmalat, http://www.parmalat.net/en/about_us/history/history_of_parmalat/, Last40 Visited 23/12/2014. 21742 Grant Thornton Wins Dismissal of 10-Year-Old Parmalat Case, http://www.bloomberg.com/43 news/2013-04-11/grant-thornton-wins-dismissal-of-10-year-old-parmalat-case-1-.html Last visited 2014/12/02.
  30. 30. ! ! ! 22 Lucian Aye Bebchuk, Reinier Kraakman, and George Triantis(1999). Stock Pyramids, Cross-44 Ownership and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control From Cash-Flow Rights, Discussion Paper No. 249, Harvard Law School Olin Center, p. 4. Melis, Andrea(July 2005). Corporate Governance Failures. To What Extent is Parmalat a45 Particularly Italian Case?, in: CorporateGovernance: An International Review, vol. 13, no. 4, p. 479. Melis, Andrea(July 2005). opcit., p. 480.46
  31. 31. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 23 Ibid.47
  32. 32. ! ! ! ! ! ! ! ! ! 24
  33. 33. ! ! ! ! 25 2007 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p19.50
  34. 34. ! 26 . Last Visited 23/12/2014. Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p19.53
  35. 35. ! ! ! !! 27
  36. 36. ! ! 28 Melis, Andrea(Winter 2005). Critical Issues on the Enforcement of the Ture and Fair55 ViewAccounting Principle. Learning from Parmalat, in: Corporate Ownership & Control, vol. 2, issue 2, p. 115. Melis, Andrea(Winter 2005), opcit., p.116.57 14 1 : ,58
  37. 37. ! 29
  38. 38. ! ! ! ! 30 Melis, Andrea(Winter 2005), opcit., p.116.60
  39. 39. ! ! 31 ! Galloni, A. & D. Reilly, Wall Street Journal, 23 July 2004, pp.C1 & C4.61 Dobson, W.D.(2004). PARMALAT, Discussion paper No.2004-4, Babcock Institute, p.8.62 ! Legge Marzano 2004 2 2163 Dobson, W.D.(2004), opcit., p.12.64 ! Italian govt to approve Parmalt plan, Forbes.com, 5 July 2007.65
  40. 40. 32 ! Bloom, R., Teachers gives Parmalat Canada $610-million cash,theglobeandmail.com, 13 July66 2004 and quote.bloomberg.com, Parmalat Gets CA$610 million from Canadian Pension Plan, 7 August 2004. !67 ! Parmalat outlines turnaround plan, news.bbc.co.uk, 21 June 2004.68 !69 ! Duprey, R., Parmalat is Worth a Lot, fool.com, 19 July 2004.70 ! (subordination debt) ( )71 ! Channelnewsasia.com, Parmalat takes first step to paying off its debt, 27 July 2004.72 ! Ibid.73
  41. 41. ! ! 33 ! The U.S. Securities and Exchange Commission, SEC 193474 ! Reformed Parmalat spared U.S. fine, CNN.com.international, 29 July 2004.75
  42. 42. ! ! ! ! ! ! 34 ! DOrio, Giovanni (2003), Investors Trust after Parmalat Scandal: The Role of Corporate76 Governance, University of Calabria - Rende (CS) Italy, p.2.
  43. 43. ! ! ! ! ! ! ! ! ! ! ! ! 35 2877 1 2 3 4 board of auditors Merendino, Alessandro(2013), International Theories of Corporate Governance: Critical78 Analysis and Evidence of the Italian Model, in: Journal of Economics, Business and Management, Vol. 1, No. 1, pp. 141-142.
  44. 44. ! ! ! 36 Melis, A. (2005), Corporate Governance: to what extent is Parmalat a particularly Italian Case?,79 Corporate Governance, Vol.13 No. 4, p. 479. Melis, A. (2005), opcit., p.48080
  45. 45. ! ! ! ! 37 ! Bianchi, Marcello/Bianco, Magda/Enriques, Luca(2001). The Control of Corporate Europe:81 Pyramidal Groups and Separation Between Ownership and Control in Italy, Oxford: Oxford University Press, p. 12. ! Gugler, Klaus(2001). Corporate Governance and Economic Performance, Oxford, pp. 130-138.82 ! Melis, Andrea (October 2000). Corporate Governance in Italy, in: Corporate Governance: An83 International Review, Vol. 8, No. 4, pp. 347-355.
  46. 46. ! 38 Gandini/Astori/Cassano (2009), Structures of Corporate Governance in Italy and Comparison at84 European Level, International Review of Business Research Papers, Vol. 5, No. 1, p. 446. Melis, A. (2005), opcit., p.48085 Decreto Legislativo 24 Febbraio 1998, n. 58. 1998 7 186 (TUF) Art.149 TUF.87 Art.148 TUF.88
  47. 47. ! ! 39 Melis, A. (2005), opcit., p.48189 Melis, A. (2005), opcit., p.48290 Palepu, K./Healy, P. (2003), The Fall of Enron, Journal of Economic Perspectives 17 (2), pp.91 3-26 Melis, A. (2005), opcit., p.48292
  48. 48. ! ! ! ! 40 Art. 2409 del Codice Civile Italiano.93 ! Legge 7 Giugno 1974, n.216.94 Feldborg, Dorthe/ von Pein, Christian/ Christensen, Lars and stergaard, Louise(2009). The95 Corporate Governance System in Italy, University of Copenhagen, Copenhagen, Denmark, p. 7. Ibid., pp. 7-8.96
  49. 49. ! 41 (2006)97 6 98 Benston, G.J.(1994). Universal Banking, in: Journal of Economic Perspectives, Vol. 8, No. 3, pp. 121-143. (2009)99 20 ! DOrio, Giovanni (2003), op. cit. pp. 1-2.100
  50. 50. ! ! ! 42
  51. 51. ! ! 43 101 Pernazza, Federico(2010). Corporations and Partnerships in Italy, Netherlands: Kluwer Law102 International. pp. 28-29. Pernazza, Federico(2010), opcit., p.29.103 1870104
  52. 52. ! 44 1865 29 1882 79105 Pernazza, Federico(2010), opcit., p.29.106 Codice Mancini 1942107 108 109 ( )
  53. 53. ! ! ! 45 Pernazza, Federico(2010), opcit., p.29.110 Pernazza, Federico(2010), opcit., p.30.111 Twelfth Council Company Law Directive 89/667/EEC of 21 December 1989 on single-member112 private limited-liability companies. OJ L 395, 30.12.1989, p. 40. Pernazza, Federico(2010), opcit., p.30.113
  54. 54. ! ! ! ! ! ! 46 Ibid.114 Decreto Legislativo 24 Febbraio 1998, n. 58. 1998 7 1115 Decreto Legislativo 1 Settembre 1993, n. 385.116 Decreto Legislativo 7 Settembre 2005, n. 209.117 Pernazza, Federico(2010), opcit., p.47.118
  55. 55. ! ! ! 47 (Societ per119 Azioni, S.p.A.) Pernazza, Federico(2010), opcit., p.31.120 Legislative Decree No. 6 of 17 January 2003.121 122 (International Cooperative Alliance, ICA) Legislative Decree No. 5 of 17 January 2003.123 Legislative Decree No. 61 of 11 April 2002. 2002124 Pernazza, Federico(2010), opcit., p.31.125
  56. 56. ! ! 48 126 Aufsichtsrat 2009 16-20 LIBRO V - DEL LAVORO (ART. 2060 - ART. 2642).127 Decreto Legislativo 17 Gennaio 2003, n.5.128
  57. 57. ! ! 49 1990129 130 2011 12131
  58. 58. ! ! ! 50 1989 Legge La132 Pergola, legge 9 marzo 1989, n. 86. Legge La Pergola 2005 (Legge Buttiglione, legge 4 febbraio 2005, n. 11) Paparella, Domenico/ Rinolfi, Vilma, La Riforma Societaria, http://133 www.eurofound.europa.eu, 11 March 2003. Decreto Legislativo 17 Gennaio 2003, n.6.134 Michele Giuseppe Vietti 1954 2 10135 1990 2002 Centro Cristiano Democratico(CCD) Vietti Vietti Reform http://it.wikipedia.org/wiki/Michele_Vietti
  59. 59. ! ! ! ! 51 136 1. 2. Art.2327 del Codice Civile Italiano.137 Art.2328 del Codice Civile Italiano.138
  60. 60. ! ! 52 2326 S.p.A139
  61. 61. ! ! 53 Art.2348 del Codice Civile Italiano.140 141 Art.2349 del Codice Civile Italiano.142
  62. 62. ! ! ! 54 Pernazza, Federico(2010), opcit., p.103.143 144 Art.2409-bis del Codice Civile Italiano.145 Art.148 TUF.146 Art.147-ter TUF.147 Ibid.148 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). Corporate Governance and Directors149 Duties: Italy, Portalano Cavallo Studio Legale, p.5.
  63. 63. ! ! ! ! 55 Art.2364 del Codice Civile Italiano.150 Art.2365 del Codice Civile Italiano.151
  64. 64. ! ! ! ! ! ! ! 56
  65. 65. ! ! ! ! ! 57 Art.2409-octies del Codice Civile Italiano.152 Art.2409-terdecies del Codice Civile Italiano.153 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.6.154
  66. 66. ! ! 58 Art.2409-sexiesdecies del Codice Civile Italiano.155 Pernazza, Federico(2010), opcit., pp. 103-104.156
  67. 67. ! ! ! 59 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.6.157
  68. 68. ! ! ! ! ! 60 Pernazza, Federico(2010), opcit., p. 104 115.158 Art.2364 del Codice Civile Italiano.159 Ibid.160
  69. 69. ! ! 61 161 / 15 http://www.gazzettaufficiale.it/home.Last Visited 23/12/2014. Art.2366 del Codice Civile Italiano.162 Art.2349 del Codice Civile Italiano.163 18 (Art.2 del Codice Civile Italiano.)164 Art.16 preliminary provisions, del Codice Civile Italiano.165 Art.147-ter, TUF.166 LEGGE 12 luglio 2011, n. 120. Modifiche al testo unico delle disposizioni in materia di167 intermediazione finanziaria, di cui al decreto legislativo 24 febbraio 1998, n. 58, concernenti la parita' di accesso agli organi di amministrazione e di controllo delle societa' quotate in mercati regolamentati. 8 12
  70. 70. ! ! ! 62 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.8.168 Art.2386 del Codice Civile Italiano.169 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.8.170 Art.147-quater, TUF.171 Art.2387 del Codice Civile Italiano.172
  71. 71. ! ! ! ! ! 63 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.6.173 Art.114, TUF.174 Corsetti, Barbara/ Gambini, Luca/ Peres, Federica(2003). opcit., p.9.175
  72. 72. ! ! ! 64 Art.123-ter, TUF176 (Consiglio Nazionale dei Dottori177 Commercialisti e degli Esperti Contabili, CNDCEC) 178 12 1. 400 2. 800 3. 50 A Review of Italian Company Law (2009), CNDECE and ACCA, London, p. 30. Ibid., p. 29.179 Art.2403 del Codice Civile Italiano.180
  73. 73. ! ! 65
  74. 74. ! ! ! 66 ! Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., pp 16-17.181 ! Ibid.182 Enron Worldcom183
  75. 75. ! ! 67 Ferrarini, Guido, Giudici, Paolo(May 2005), opcit., p. 17.184 Ibid., p. 15.185 Ibid.186 LEGGE 24 dicembre 2007, n. 244. Disposizioni per la formazione del bilancio annuale e187 pluriennale dello Stato (legge finanziaria 2008). Entrata in vigore della legge: 1/1/2008, ad eccezione dell'art. 2, comma 13 e dell'art. 3, comma 36 che entrano in vigore il 28/12/2007. DECRETO LEGISLATIVO 6 settembre 2005, n. 206. Codice del consumo, a norma188 dell'articolo 7 della legge 29 luglio 2003, n. 229. Entrata in vigore del decreto: 23-10-2005.
  76. 76. ! ! ! ! ! 68 LEGGE 23 luglio 2009, n. 99. Disposizioni per lo sviluppo e l'internazionalizzazione delle189 imprese, nonche' in materia di energia. Westby, A. Sarah(2011). Associations to the Rescue: Reviving the Consumer Class Action in190 the United States and Italy, TRANSNATIONAL LAW & CONTEMPORARY PROBLEMS, vol. 20, pp. 169-173. (Associazione Bancaria Italiana, ABI)191 (Associazione Nazionale fra le Imprese Assicuratrici, ANIA) (Associazione fra le Societ Italiane per Azione, Assonime) (Associazione del Risparmio Gestione, Assogestioni) (Borsa Italiana) (Confindustria) http://www.borsaitaliana.it/comitato-corporate-192 governance/comitato/composition.en.htm. Last Visited 23/12/2014.
  77. 77. ! ! ! 69 COM(2003) 284 final of 21 May 2003.193 Global Corporate Governance Forum, EU Corporate Governance Standards, International194 Finance Corporation, 2008 Washington D.C., p.1 DIRECTIVE 2004/109/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL195 of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC. OJ L 390, 31.12.2004, p. 38. (2009)196 31
  78. 78. ! ! 70 2002 REGULATION (EC) No 1606/2002 OF197 THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 July 2002 on the application of international accounting standards. OJ L 243, 11.9.2002, p. 1. ! COM(2004) 611 final. COMMUNICATION FROM THE COMMISSION TO THE COUNCIL198 AND THE EUROPEAN PARLIAMENT on Preventing and Combating Corporate and Financial Malpractice. ! Ferrarini, Guido, Giudici, Paolo(May 2005), op. cit., pp.17-18.199 COM(2004) 611 final. COMMUNICATION FROM THE COMMISSION TO THE COUNCIL200 AND THE EUROPEAN PARLIAMENT on Preventing and Combating Corporate and Financial Malpractice, p. 2. COMMISSION DECISION of 14 December 2005 setting up a group of experts to advise the201 Commission and to facilitate cooperation between public oversight systems for statutory auditors and audit firms. (2005/909/EC) OJ L 329/38.
  79. 79. ! ! ! 71 DIRECTIVE 2006/43/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of202 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC. OJ L 157, 9.6.2006, p. 87. FOURTH COUNCIL DIRECTIVE of 25 July 1978 based on Article 54 (3) (g) of the Treaty on203 the annual accounts of certain types of companies. (78/660/EEC) OJ L 222, 14.8.1978, p. 11. SEVENTH COUNCIL DIRECTIVE of 13 June 1983 based on the Article 54 (3) (g) of the204 Treaty on consolidated accounts. (83/349/EEC) OJ L 193, 18.7.1983, p. 1. EIGHTH COUNCIL DIRECTIVE of 10 April 1984 based on Article 54 (3) (g) of the Treaty on205 the approval of persons responsible for carrying out the statutory audits of accounting documents. 84/253/EEC. (2009)206 32 Agreement reached on Statutory Audit Directive, ACEE, p. 9. http://www.acee.eu/uk_version/207 infos_news/press_review/agreement-statutory-audit_en.pdf. Last Visited 23/12/2014.
  80. 80. ! 72 Parmalat official site, http://www.parmalat.net/en/about_us/history/history_of_parmalat/. Last208 Visited 9/1/2015. Parmalat Annual Results 2013, p.1.209
  81. 81. ! ! ! ! ! 73 Parmalat 2013 Annual Report on Corporate Governance, pp. 4-5.210 Parmalat Code of Conduct, approved by the Board of Directors on March 20, 2013.211
  82. 82. ! ! ! ! 74 Parmalat Group 2013 Code of Ethics, p. 3.212 Legislative Decree No. 231/2001.213 Italian Law No. 231/2001: Avoiding Liability for Crimes Committed by a Companys214 Representatives, McDermott Will & Emery Studio Legale Associato, 27 April 2009. Parmalat Group 2013 Code of Ethics, pp. 3-4.215
  83. 83. ! 75 Parmalat 2013 Annual Report on Corporate Governance, p. 7.216 Art. 12 of Parmalat Bylaws.217 Parmalat 2005-2010 Annual Report on Corporate Governance.218
  84. 84. ! ! 76 Art. 18 of Parmalat Bylaws.219 Parmalat 2013 Annual Report on Corporate Governance, p. 15.220
  85. 85. ! ! ! ! ! 77 2012 6 22 Law Decree No. 83/2012221 33 (Composition with Creditors) 1. 2. 3. A View From Italy: New Composition with Creditors in Light of Recent Rules Introduced by Article 33 of Law Decree No. 83 June 22, 2012, Greenberg Traurig LLP, http://www.gtlaw.com/supplemental/MAReport8f. Last Visited 23/12/2014. Parmalat 2013 Annual Report on Corporate Governance, p. 16.222 Ibid., pp. 16-17.223
  86. 86. ! ! ! 78 Ibid., p.17.224 Ibid., p.18.225 Art. 17 (d) of Parmalat Bylaws.226 Art. 17 (k) of Parmalat Bylaws.227
  87. 87. ! ! ! ! ! 79 228 Parmalat 12229 Marco Reboa Antonio Sala Alfredo Malguzzi Roberto Cravero Parmalat Press Release http://www.parmalat.com/attach/content/3993/2013_04_05_ENG.pdf. Last Visited 23/12/2014. Parmalat 2013 Annual Report on Corporate Governance, p. 19.230
  88. 88. ! ! 80 (Legislative Decree No. 127 of 9 April 1991)231 1. 1750 2. 3500 3. 250 Parmalat 2013 Annual Report on Corporate Governance, pp. 22-23.232 Art. 21 of Parmalat Bylaws.233 Parmalat 2013 Annual Report on Corporate Governance, p. 25.234
  89. 89. ! ! ! ! ! 81
  90. 90. ! ! ! 82 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013). 2013235 Report on corporate governance of Italian listed companies, CONSOB, p. 1.
  91. 91. ! ! 83 (pooling agreement)236 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,237 p. 1. (FTSE Italia All-Share index) MIB (FTSE MIB)238 (FTSE Mid Cap) (FTSE Star) MIB (FTSE MIB) 40
  92. 92. ! ! ! ! ! ! ! ! ! ! ! ! ! 84 (FTSE Mid Cap) 60239 Star 70240 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,241 p. 6. Parmalat 2013 12 MIB242
  93. 93. ! 85
  94. 94. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 86 (shareholders243 agreement) 70% (free float) Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,244 p. 1.
  95. 95. ! 87
  96. 96. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 88
  97. 97. 89
  98. 98. 90 245 246 247 248 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,249 p. 1. Ibid., p. I.250
  99. 99. ! ! ! 91 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,251 p. 2. 252 http://it.wikipedia.org/wiki/Azione_privilegiata. Last Visited 23/12/2014. 253 https:// www.unicreditgroup.eu/en/governance/shareholder-structure/common-representative-of-saving- shares.html & http://it.wikipedia.org/wiki/Azione_di_risparmio. Last Visited 23/12/2014. Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,254 p. 2. Ibid.255
  100. 100. ! ! ! ! 92 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,256 p. 12. Parmalat S.p.A. 2005-2013 Annual Report on Corporate Governance.257
  101. 101. ! ! ! ! ! ! ! ! ! ! ! ! ! 93 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,258 p. 12. Comitato per La Corporate Governance(Dicembre 2013). RelazioneAnnuale 2013- Primo259 Rapporto sullApplicazione del Codice di Autodisciplina, Italia: Borsa Italiana S.p.A, p.10. Parmalat S.p.A. 2005-2013 Annual Report on Corporate Governance.260
  102. 102. ! ! 94
  103. 103. ! ! ! ! ! 95 LEGGE 12 luglio 2011, n. 120. Modifiche al testo unico delle disposizioni in materia di261 intermediazione finanziaria, di cui al decreto legislativo 24 febbraio 1998, n. 58, concernenti la parita' di accesso agli organi di amministrazione e di controllo delle societa' quotate in mercati regolamentati. 2011 8 12 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,262 p. 12. Ibid.263 Parmalat S.p.A. 2012-2013 Annual Report on Corporate Governance.264
  104. 104. ! ! ! ! 96
  105. 105. ! ! 97 11265 Women on Boards: Commission proposes 40% objective, http://ec.europa.eu/justice/266 newsroom/gender-equality/news/121114_en.htm, 14/11/2012. Last visited 10/1/2015. Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,267 p. 12. 268 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,269 p. 12.
  106. 106. ! ! ! ! ! ! ! ! ! 98 Ibid.270
  107. 107. ! ! 99 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,271 p. 20.
  108. 108. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 100 Linciano, Nadia/ Ciavarella, Angla/ Novembre, Valerio/ Signoretti, Rossella(Nov. 2013), opcit.,272 p. 20. Ibid.273
  109. 109. ! ! 101
  110. 110. ! ! ! 102
  111. 111. ! ! 103
  112. 112. ! ! The International Federation of Automatic Control, IFAC) 104
  113. 113. ! ! 105 IFAC FOR IMMEDIATE RELEASE: INTERNATIONAL ACCOUNTING PROFESSION274 CALLS FOR GREATER VIGILANCE IN THE WAKE OF PARMALAT BANKRUPTCY, January 21, 2004, http://www.icjce.es/images/pdfs/TECNICA/C01%20-%20IFAC/C.01.110%20- %20IFAC%20Speeches%20&%20Other/PR%20Parmalat%20Bankruptcy%20- %2021012004.pdf,, Last Visited 23/12/2014.
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Master thesis Master thesis - Department of Computer Science

Master thesis Master thesis - Department of Computer Science

Master Thesis - anskaffelser · 2018-10-31 · Master Thesis Component of continuous assessment: Thesis Master of Science Final master thesis – Counts 80% of total grade A Best

Master Thesis - anskaffelser · 2018-10-31 · Master Thesis Component of continuous assessment: Thesis Master of Science Final master thesis – Counts 80% of total grade A Best

Master Thesis

Master Thesis

Master Thesis

Master Thesis