Diritto del governo delle imprese - ENG

CORPORATE GOVERNANCE LAW
Prof. Maurizio Irrera

Course Code EA049
Subject Code: IUS/04
8 ECTS, 64 hours
Location: Novara




Goal
The course will delve into all corporate law notions which are essential to an in-depth understanding of corporate governance. In particular, it will focus on company bodies, their relationships and responsibilities, especially those of the board of directors.

Topics covered
Notion of corporate governance and the historical relationship between the general assembly and the board of directors:
Partnerships:
-    Administration and representation; different models: conjunctive, disjunctive, mixed collegiality.
-    Exclusion, withdrawal and death (clauses)
-    Paying off quotas; the disposal of quotas and responsibilities
-    Non-partner director; company partner of a partnership
-    Amendments to the articles of association; statutory scheme and conventional collegiality
-    Position of the limited partner, the prohibition of “ immistione”

Stock Companies:
-    Empirical reality of the board of directors and collegiality
-    System of appointment of directors and the voting list; the terms of appointment; the directors appointed by the State or public bodies
-    Directors: removal, resignation, disqualification, co-optation; statutory provisions
-    Duties of directors; the business judgment rule
-    Internal control system; the supervisory board in Legislative Decree no. 231/2001
-    Executive directors and their relationship  
-    Board of directors: procedures and invalidity in the proceedings
-    Statutory auditors and audit
-    Dualistic system and monistic system
-    Shareholder Agreements; preemption; voting block and consultation

Groups of companies:
-    Responsibility; compensatory benefits

Listed companies:
-    Propulsive function in corporate governance; self-discipline in Italy and abroad
-    Election and composition of the board of directors; committees; information flows between the bodies
-    Statutory auditors: functions, statutory auditor appointed by the minority; Audit: the position and duration;
-    Chief Financial Officer: duties and responsibilities

Cooperatives:
-    Particularities

Company limited by shares:
-    Directors-members; use of the model ("family safe")

Limited Liability Company:
-    Typical features; flexibility and rigidity of the model
-    Right of control of members who are not directors
-    Decisions of members and their models; "interference" with regards to directors’ decisions
-    Directors; models: collegiality, conjunctive, disjunctive
-    Statutory Auditors (if any) and Auditors
-    Liability of directors, the various actions, the removal of directors


Prerequisites
Students must have proven knowledge of Commercial Law.

Teaching materials
An updated version of the Civil Code is essential.
Other recommended readings:

M. IRRERA, Profili di corporate governance della società per azioni tra responsabilità, controlli e bilancio, Giuffré, Milano, 2009. This book is available in the library
M. SPIOTTA, capitolo 12° “L’amministrazione” (p. 465-547), in Il nuovo diritto societario nella dottrina e nella giurisprudenza: 2003-2009. Commentario diretto da G. Cottino, G. Bonfante, O. Cagnasso e P. Montalenti, Zanichelli, Bologna, 2009. This book is available in the library
E. FREGONARA, La governance nelle c.d. casseforti di famiglia, in Il nuovo diritto delle società, 22/2010.
ORESTE CAGNASSO, La società a responsabilità limitata, in Trattato di diritto commerciale, diretto da Gastone Cottino, Cedam, Padova, 2007, da pag. 175 a pag. 324. This book is available in the library
E. FREGONARA, I nuovi poteri di controllo del socio di società a responsabilità limitata, in Giur. Comm., 2005, p. 788. This article is available in library
ORESTE CAGNASSO, Le modalità di decisione dei soci e degli amministratori di società di persone: una rivisitazione alla luce della disciplina delle s.r.l., in Giur. It., parte IV, fasc. 2, 2010. This article is available in library
MAURIZIO IRRERA, Le società di fatto tra società di capitali, in Giur. It., parte IV, fasc. 2, 2010. This article is available in library
ALESSANDRO MONTEVERDE, Una nuova governance anche per le società di persone, in Giur. It., parte IV, fasc. 2, 2010. This article is available in library
E. FREGONARA, La governance nelle società di persone, in Il nuovo diritto delle società, 18/2010.


All the material listed above is available at the Library of the Department.
Other material and further bibliographical references will be provided during the lectures

Teaching methods
Lectures, with suggestions for further readings and discussion.

Examination
The exam is written. Students are given the option of taking two written mid-term exams.