I PIANI DI SUCCESSIONE DEGLI AMMINISTRATORI ESECUTIVI NELLE SOCIETÀ QUOTATE TRA DIRITTO E PRASSI APPLICATIVA

Abstract

This paper aims to provide an overview of succession planning practice in Italy, framing it within the Italian regulatory context and providing some suggestions for the redaction of succession plans, based on the (scarce) information published by major listed companies in Italy. This is a widely debated and topical issue, which focuses on the necessity - particularly for more complex entities such as issuers and banks - to adopt effective mechanisms to preserve the continuity of management, in the event of a CEO leaving (or being terminated from) a company before the natural end of his mandate. The aim of the paper is, therefore, to increase awareness of the operational risks associated with power vacuums which, if not accompanied by appropriate contingency plans, may give rise to a dangerous business paralysis and, consequently, reduce value for stakeholders. Currently the identification of the most appropriate safeguards to mitigate such risks is left entirely to individual listed companies by applicable Italian regulations. In fact, such regulations require nothing more than issuers adopting a minimal level of transparency towards the market, by disclosing whether any succession plans have been adopted, while mandating that larger financial institutions adopt such plans. In this context, characterized by limited and generic guidelines, the development of so-called "replacement procedures” reflects, on a practical level, the lack of agreed upon implementation criteria, while  it would be useful to codify such criteria at the level of self regulation, in order to support the consolidation of effective practices and the propagation of their adoption, which is – as of now - still very limited.

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