S i è detto che ogni sistema di governo societario si fonda sulle condizioni sociali, economiche, giuridiche e politiche nelle quali opera l’impresa. Alle regole che formano i diversi codici di autodisciplina non è attribuito il compito di incidere sulle scelte degli amministratori ovvero dei manager; esse tendono a evidenziare e minimizzare i rischi connessi alle deci sioni imprenditoriali, migliorando le condizioni generali nell’ambito delle quali la direzione dell’impresa opera e gestisce gli affari. In tal senso i codici rappresentano da un lato una necessaria traduzione e presentazione sistematica delle norme di legge e regolamentari and on the other are aimed to formulate principles of conduct for companies that provide a profitable and proper relationship with the market. On the other hand, the same rules has also recognized the role of food independence and investor confidence on the loyalty of management to shareholders and the company. You can also add that sometimes the Code (best practice) is assigned the role of fill the gaps with self-regulatory solutions precept which, though not to be replaced by mandatory standards and mandatory
may contribute to the improvement of business law . Moreover, since the objective to achieve a reliable and efficient system of government-owned enterprise, it also derives from the minimization of the cost of capital in an international context of lively competition for access to financial markets. However, codes of conduct, not a medicine that cures all evil - however, when combined with more effective rules of prevention, punishment of acting in conflict of interest, abuse of corporate opportunities, insider trading by directors included in a more stringent discipline of accounting transparency, with particular reference to groups, reinforced by rules on internal control, including legislation on accountability and auditors - Can be a great way to bring the management of public company to the rules of fairness, that ethics and the law have placed first at the very basis of capitalism.
SOURCE: Thesis of P. Fabozzi, "Corporate governance and value creation: empirical analysis on listed companies'
may contribute to the improvement of business law . Moreover, since the objective to achieve a reliable and efficient system of government-owned enterprise, it also derives from the minimization of the cost of capital in an international context of lively competition for access to financial markets. However, codes of conduct, not a medicine that cures all evil - however, when combined with more effective rules of prevention, punishment of acting in conflict of interest, abuse of corporate opportunities, insider trading by directors included in a more stringent discipline of accounting transparency, with particular reference to groups, reinforced by rules on internal control, including legislation on accountability and auditors - Can be a great way to bring the management of public company to the rules of fairness, that ethics and the law have placed first at the very basis of capitalism.
SOURCE: Thesis of P. Fabozzi, "Corporate governance and value creation: empirical analysis on listed companies'
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