CORPORATE | Assonime on changes made by the shareholders’ meeting to the proposed allocation of profits and related effects on the financial statements

Newsletter n. 89 – October 2023

CORPORATE

Assonime on changes made by the shareholders’ meeting to the proposed allocation of profits and related effects on the financial statements

On 7 September 2023, Assonime issued its Case No. 5/2023 (a) recalling that directors must indicate the proposed allocation of profits in the explanatory notes to the financial statements, but the competence to decide on the allocation belongs to the ordinary shareholders’ meeting, which adopts an independent resolution subsequent to the decision to approve the financial statements and which may amend the proposal on profits submitted by the directors, and (b) specifying that any amendment to the directors’ proposal concerning the allocation of profits resolved by the shareholders’ meeting does not entail the need to approve the financial statements once again.