green light from the Chamber to the news for “listed” companies

From the increased vote to the new regulation for the Board of Directors lists to arrive at a simplification of the rules for the listing of SMEs on the Stock Exchange: the Capital bill renew many aspects of the regulation of listed companies, updating the TUF – Consolidated Finance Act which dates back to 1998. The go ahead of the Montecitorio Chamber to the bill for the competitiveness of capital arrived last night with 135 votes in favour, 1 against and 92 abstentions (Pd, M5S, Italia Viva and other opposition forces). The measure, approved with some changes compared to the text approved by the Senate, will now return to Palazzo Madama for the third reading.

The Capital Bill, in addition to paving the way for the stock market for SMEsit is proposed to “attract investments to our country” and – underlines the speaker Francesco Filini (FdI) – it offers “the possibility for historic companies and brands, which over the years have moved their headquarters abroad, to return because they will also be able to have those guarantees against hostile takeovers here too”.

The ceiling on managers’ salaries is blown

Among the amendments that did not pass, two were worth mentioning on the cap on managers’ remuneration, one presented by the M5S and one by Alleanza Versi Sinistra, which provided that the remuneration of the top body (CEO) could not be higher than 50 times the workers’ compensation.

Board of Directors lists of listed companies

The rules for the presentation of lists for the renewal of the Board of Directors by the same board body are modified. From 1 January 2025 it will be allowed the Board to present its own list of candidates for the renewal of the administrative body, provided that it contains a number of candidates equal to the number of members to be elected increased by one third. For them minority lists who have not obtained more than 20% of the votes, we will proceed to the distribution of seats on the Board of Directors in proportion to the votes obtained on the remaining 20% ​​reserved.

The capitalization threshold for SMEs rises

The definition of SME has been updated, with an increase in the threshold of maximum capitalization expected at 1 billion of euros from the 500 million that were currently indicated as the maximum threshold to be considered an SME.

The path to the stock exchange is clear

There are also a series of simplifications for admission to the stock exchangethrough the elimination of particular requirements dictated by Consob and the limitation of the Authority’s power to suspend admission decisions for a limited time. Furthermore, the obligation to report transactions carried out by controlling shareholders to Consob has lapsed.

Active limit revised for cooperative banks

Was the asset limit of cooperative banks was also raised from 8 billion euros to 16 billion euros. A rule that nullifies the reform of the Popolare wanted by the Renzi government, which forced banks with assets exceeding 8 billion to transform themselves into joint stock companies and overcome the cooperative logic which is difficult to reconcile with the listing on the stock exchange.