CORPORATE | Emergency regulations on corporate compliance extended to 31 December 2024

Article 12-duodecies of Law Decree No. 215 dated 30 December 2023 (so-called Decreto Milleproroghe), converted with amendments by Law No. 18 of 2024, provides for the extension to 30 April 2024 of the term under Article 106.7 of Law Decree No. 18 dated 17 March 2020 (the Emergency Legislation) concerning organisational requirements for shareholders’ meetings of companies and other entities. Article 11, paragraph 2, of Law No. 24 of 2024 (so-called Legge Capitali) further extends the term to 31 December 2024. The Emergency Legislation relates to: (a) ways for convening shareholders’ meeting; (b) voting procedures at ordinary and extraordinary shareholders’ meetings; (c) procedures for participating in ordinary and extraordinary shareholders’ meetings; (d) voting proxies to designated representatives – for listed companies or companies admitted to multilateral trading systems – pursuant to Article 135-novies et seq. of Legislative Decree No. 58/1998 (TUF); (e) limits on the number of proxies that may be conferred on the same person – for cooperative banks, cooperative credit banks, and cooperative and mutual insurance companies – in the context of the shareholders’ meeting.

Newsletter n. 94 – March 2024