The Italian Company Law Reform – Highlights on the Most Significant Innovations Regarding Corporate Governance and Financing.

A material reform of Italian Company Law has entered into force on 1 January 2004, by virtue of Legislative Decree no. 6 of 2003. issued by the Italian Government on 17 January 2003, as further amended, directly replacing previous articles of Section V, Title V, Book V of the Italian Civil Code, dedicated to Company Law. The Company Law Reform has introduced a more flexible legal framework for the corporate governance of both joint stock corporations (Società per Azioni, hereinafter also "S.p.A.") and limited liabilities companies (Società a responsabilità limitata, hereinafter also "S.r.l.") in compliance with the declared purpose of the legislator to favor the setting up, growth and competitiveness of Italian corporations, including by way of access to both domestic and international capital markets as well as to expand significantly the ability of companies to regulate their internal governance. The article analyses the most significant innovations regarding corporate governance and financing.