Scopo della presente trattazione è quello di andare ad osservare in che modo il legislatore della riforma abbia cercato di offrire una disciplina ad un fenomeno sempre più in espansione nell'economia italiana: i gruppi di impresa. In particolare, l'elaborato è composto da 3 nuclei. Il primo analizza la disciplina, introdotta nel 2003, relativa all'attività di direzione e coordinamento (art. 2497 c.c. e ss) rintracciandone le regole generali e il rapporto con le norme del codice civile. Una seconda parte approfondisce gli elementi costitutivi dell'attivita' di direzione e coordinamento, i presupposti affinche' si possa configurare una responsabilita' da parte della societa' capogruppo e i soggetti conivolti all'interno di un gruppo. La terza parte e' invece dedicata allo studio delle problematiche legate all'azione risarcitoria introdotta con la disposizione di cui all'art. 2497 c.c., soprattutto confrontando la posizione dei soci di minoranza con quella dei creditori sociali. In particolare, vengono descritte le modalità con le quali i soci e i creditori sociali possono esercitare l'azione a tutela dei propri interessi e dunque tentare di trovare pieno ristoro ai danni sofferti; danni che in qualche modo risultano legati alle scelte operate dal gruppo di comando e, più tecnicamente, dalla società che esercita l'attività di direzione e coordinamento, la c.d. capogruppo. ; Aim of the present research is to observe and study how the legislator tried to regulate an important and growing phenomenon in the Italian economy: the business groups. In particular, this papaer is made up of three main topic. The first one analyses the prevision introduced in 2003 and connected with the management and co-ordination activity (art. 2497 c.c. et seq), in order to compare the relationship between the general rules on this matter and the prevision of the Civil Code.The second part is focused on the substantive elements of the management and coordination activity, the condition for a parent's company liability and the individual involved and implicated within the group. Finally, the third part is completely dedicated to the study of the problems related with the action of compensation introduced with the prevision contained in article 2497 c.c., having particular regards to the comparison between the position of the minority of the stakeholders and that of the company's creditors. Particular attention has been draw on the terms within which both the shareholders and company's creditors may act in order to protect their own interests and thus, find full compensation of the suffered damages, when those damages are deemed to connected with the policy of the dominant stakeholders or, technically, of the compaby which is carrying out of the management and co-ordination activity, the so called parent company.
La tesi affronta il complicato tema della retribuzione dei manager nelle società quotate italiane, con particolare attenzione ai nuovi meccanismi di governace introdotti dal legislatore sulla spinta comunitaria per allineare gli interessi degli amministratori e quelli dei soci. A tal fine, il lavoro ripercorre brevemente l'iter evolutivo della normativa sulle remunerazioni degli amministratoti negli Stati Uniti e nell'Unione Europea, per poi analizzare nello specifico la disciplina italiana a partire dal dato letterale dall'art. 2389 c.c. Lo studio approfondisce in particolare il concetto di "politica di remunerazione" e il procedimento che conduce alla sua adozione, nel quale assumono un ruolo fondamentale il comitato remunerazioni, composto da amministratori indipendenti e non esecutivi, e i consulenti esterni in materi. È poi analizzato il meccanismo del "say on pay", che attribuisce ai soci un nuovo diritto di voice sulle medesime politiche di remunerazione predisposte dall'organo amministrativo, sottolineando il relativo impatto che lo stesso ha sulle scelte gestionali indipendentemente dalla sua forma debole o forte. Il lavoro si conclude sottolineando i principi sottesi alla struttura dell'Executive compensation, che oggi deve necessariamente perseguire performance nel medio lungo termine. ; The thesis deals with the complicated issue of the managers' remuneration in Italian listed companies, with a focus on new governance mechanisms introduced by the European legislator in order to align the interests of directors with those of shareholders. To this end, the work briefly traces the evolutionary process of the legislation on directors' remuneration in the U.S. and in the European Union, and then analyzes specifically the Italian discipline starting from the literal meaning given by art. 2389 c.c. The study explores in particular the concept of "remuneration policy" and the process leading to its adoption, which plays a fundamental role in the remuneration committee, composed of independent and non-executive directors and outside consultants expert in the field. It then analyzes the "say on pay" mechanism, which gives to shareholders a new voice on the same right to remuneration policies prepared by the administrative body, emphasizing the impact that has on the same management decisions regardless of its weak or strong form . The work concludes by focusing on the principles underlying the structure of executive compensation, which now must necessarily pursue performance over the medium term.
In this paper, the author deals with the problem of misfortune from the point of view of a normative theory of justice. In particular, it is claimed that an unlucky event engenders an entitlement to assistance for its victims. The author first takes into account the view that the demand for security addressed to institutions is linked to the idea of causality; this, in terms of political justice, entails the necessity of identifying a liability. On this view, a boundary should be traced between injustice & misfortune; while events caused by human behavior can be judged as either just or unjust, merely fortuitous ones cannot. This implies that victims are entitled to compensation for damages due to unjust events, not for damages due to unlucky events. The author argues that, despite the distinction between unjust & unlucky events, the entitlement to compensation arises in both cases. In the case of merely unlucky events, rather than following the logic of liability, the administration of justice follows a different principle: the author proposes calling this the "principle of assistance." According to this principle, every unlucky event worsening the living conditions of someone must be followed by a redistributive reallocation of resources. Unlike solidarity, the principle of assistance is a (meta )rule of justice, that can be outlined starting from a rereading of Rawls's second principle. The author argues, then, that the victims of misfortune are entitled to a "right to assistance" that has a normative grounding. Adapted from the source document.
The present paper analyses the dynamics of compensation and bargaining agreement at a firm level within the changed bargaining modes following the July 1993 agreement. The paper is divided in two parts. In the first part, the compensation dynamics are considered, with special emphasis on: a) wage differentials among various skilled and unskilled workers, b) the real wage rate from 1975 to 1995 within the metalworking sectors and from 1990 to 1995 for all workers, and c) the changes in the structure of pay from 1975 to 1995, with particular emphasis on the fiscal wedge. The second part, after a brief dissertation of recent changes in trade union bargaining agreements at the firm level in Bologna area in the early 1990s. It then suggests some possible options for intervention in the bargaining strategy of trade unions at the firm level. A final section is devoted to some comments on the urgent nedd to match the process of modernisation in industry and service activities with the importance of mantaining a high level of social cohesion.
Il presente contributo esamina il consiglio d'amministrazione delle società aventi azioni quotate in Borsa Italiana, e le retribuzioni destinate ai suoi membri, alla luce delle numerose innovazioni dell'ordinamento giuridico italiano e seguendo quella linea di analisi recentemente proposta dalla letteratura avente alla propria base l'idea che gli amministratori possono influenzare a proprio vantaggio i termini del pay-package loro corrisposto. A tal fine l'elaborato presenta una struttura articolata in due parti, nella prima delle quali viene fornita una visione organica dell'assetto istituzionale in cui l'analisi empirica, prodotta nella seconda, trova il proprio presupposto. Più specificatamente, la prima parte della tesi fornisce un'analisi giuridico-finanziaria della figura dell'amministratore (Capitolo 1) e del consiglio d'amministrazione (Capitolo 2), che risulta, oltre che assente in letteratura, quantomai attuale alla luce delle numerose e recenti riforme normative introdotte in materia. La normativa primaria, costituita dagli articoli del codice civile riguardanti gli amministratori ed i sistemi d'amministrazione e controllo (libro V, sezione VI bis, del Codice Civile) e dalle disposizioni contenute nel T.U.F., va oggi infatti completata con le nuove disposizioni contabili derivanti dall'applicazione degli IAS, ed in particolare dell'IFRS2, con le novità introdotte dalla cosiddetta Nuova Legge sul Risparmio (D. L. n. 262/2006), con le linee di comportamento descritte nella terza versione del Codice di Autodisciplina (Best Practice Code, 2006), con le prescrizioni di tipo previdenziale e fiscale contenute nelle Leggi "Finanziaria" del 2006 e del 2007, nonché con le novità in materia di governance bancaria volute da Mario Draghi (emanate a Marzo di quest'anno ma da recepire entro il 30 Giugno 2009). La seconda parte dell'elaborato, prendendo spunto dai diversi approcci utilizzati in letteratura (Capitolo 3), e con riferimento al contesto italiano, fornisce invece un'analisi empirica del sistema di compenso applicato agli amministratori. Dapprima è tracciata, relativamente al periodo indagato (1999-2006), la dinamica temporale della ricchezza distribuita ai propri amministratori dalle società italiane. Successivamente viene fornita una stima dell'intensità degli incentivi impliciti nei directors' pay-packages (i.e. pay-performance sensitivity), unitamente ad una analisi delle determinanti che ne sono alla base. L'ipotesi che guida tale parte del lavoro è che in un contesto caratterizzato da proprietà concentrata, a causa della capacità dell'azionista di maggioranza di estrarre risorse dalla società, è ragionevole presumere che gli amministratori risultino destinatari di una remunerazione meno sensibile alle performances dell'impresa e tendenzialmente più elevata. Più semplicemente la questione che viene posta è se gli amministratori scontano la possibilità d'espropriazione, componendo convenientemente il proprio pacchetto di compenso. I risultati ottenuti confermano la validità dell'impianto d'ipotesi proposto ed evidenziano che la qualità della corporate governance è la variabile chiave. Le imprese dotate di un efficace ed efficiente governo societario riescono a controllare il processo di formazione delle remuneration policies impedendone manipolazioni opportunistiche. Le imprese caratterizzate da weak corporate governance risultano invece non solo incapaci di attuare politiche retributive volte alla massimizzazione del valore d'impresa, ma anche esposte all'estrazione di risorse da parte dei propri amministratori. ; What the largest corporation pay their top managers is one of the most analyzed topics in corporate finance since Jensen and Murphy, 1990. As they noted (Jensen and Murphy 2004), a well-designed remuneration package for executives attracts the right executives at the lowest cost; retains them at the lowest cost (i.e. encourage the right executives to leave the firm at the appropriate time); and motivates executives to take actions that create long-run shareholder value and avoid actions that destroy value. However, several recent studies have shown that the characteristics of real world compensation contracts rarely meet their counterparts in compensation contracting theory because of the executives' capability to influence the terms of their compensation package to their personal advantage. For example, Yermack (1997) provides evidence that executives influence timing of their stock option awards, receiving at-the money options just prior to releasing news that increases company stock prices. Bebchuk, Fried, and Walker (2002) and Bebchuk and Fried (2003, 2004) argue that the practice of granting options at-the-money (rather than out-of-the-money or with exercise prices indexed to market movements) reflects the influence of rent-seeking managers trying to maximize their compensation in ways that are largely camouflaged to investors and the public. Going ahead, others empirical research give proofs that the executives' power to influence their pay package is stronger when shareholders are diffuse and more passive (Bertrand and Mullainathan, 2001), and when the corporate governance is weaker (Garvey and Milbourn, 2006; Harford and Li, 2007). At the same time, the expropriation literature shown that dominant shareholders, especially in firms with poor corporate governance (Klapper and Love, 2004; Durnev and Kim, 2005; Dahya, Dimitrov and McConnell, 2008) and in countries with weak legal protection (La Porta, Lopez-de-Silanes, Shleifer and Vishny, 2002; Claessens, Djankov, Fan and Lang, 2002; Durnev and Kim, 2005), are able to divert resources from others shareholders to himself for personal consumption. Since expropriation implies fewer resources assignable to marginal shareholder, the firms which are ex ante more likely to be expropriated, trade at discounted valuations. Despite the considerable empirical evidence on the costs bore both by the dominant shareholder and by the minorities in case of expropriation, the literature doesn't provide evidence of the cost supported by directors. Expropriation, in fact, represents, ex ante, a cost also for directors. First, it's a direct cost which negatively affects the expected overall compensation rewarded, when directors have part of their remuneration which is tied to company's performances. Since expropriation is a net loss for the company, which leads to a correspondent fall in the company market valuation, the closer is the alignment of directors' interests with those of shareholders, the bigger is this cost. Second, since directors have to perceive the maximization of shareholders' wealth (i.e. avoid loss of it), expropriation should affect negatively the director's reputation capital. This work examines the director's compensation in firms which are more likely to be expropriated by their dominant shareholders. In essence, the question I address is whether directors discount the expropriation's possibility, setting up conveniently their compensation's contract. I explore this issue using a sample of directors' compensation data of Italian Listed firms made up over the period 1999-2006. The case of Italian Listed companies is of particular interest for several concomitant reasons. First, Italian firms have been historically more prone to choosing a closely-held ownership structure characterized by a wide separation between ownership and control (Johnson, La Porta, Lopez de Silanes and Shleifer, 2000; Faccio and Lang, 2002; Volpin, 2002; and Barontini and Caprio, 2006; Mengoli, Pazzaglia, and Sapienza, 2006). Second, Italy is a country where the low protection of minority shareholders allows controlling shareholder to extract a considerable amount of private benefits (Bigelli and Mengoli, 2004; McCahery and Vermeulen, 2004; and Bigelli, Merhotra and Rau, 2006). Finally, Italy is a country where the high dominant shareholder's capability to replace directors and where the low efficiency of the job-market of directors, provide narrowed incentives to directors in order to effective monitoring dominant shareholder's actions (Barontini and Caprio, 2002; Volpin, 2002). Overall, results confirm the testable hypotheses, and provide evidence of the key-role exerted by corporate governance. Firms with strong corporate governance are able to monitor the compensation policies creation process avoiding opportunistic manipulation. On the opposite, firms with weak system of corporate governance seem unable to implement compensation policies directed at the firm value maximization, and, going ahead, seem to be expropriated also by theirs directors.
La tesi parla dell'importanza delle risorse umane riguardo al conseguimento di un vantaggio competitivo sostenibile. Nel primo capitolo viene analizzato proprio questo aspetto, evidenziando inoltre l'importanza di valorizzare e valutare il personale. Il secondo capitolo descrive il processo di selezione ed il processo formativo. Il terzo capitolo descrive il sistema di compensation in un'ottica di total reward. L'ultimo capitolo è dedicato al caso aziendale. In questo capitolo è descritto come le politiche delle risorse umane, trattate nei primi tre capitoli, vengono implementate nell'azienda ArcelorMittal Piombimo.
My dissertation deals with the topic of Services of general economic interest (SGEIs) in the European Union. The research is mainly focused on competition and State aid law aspects, in order to understand whether and to what extent an economic activity carried out by an undertaking entrusted with a public mission can be exempted from the application of competition law rules. The thesis primarily focuses on the definition of "Services of general economic interest", which differs from the national concepts of "public service". After an analysis of the pertinent case-law, it will be held that such a notion represents a balance between economic and social concerns on one hand, and between national and EU competence on the other. The dissertation then proceeds to examine the State aid rules applicable to SGEIs: it will deal in particular with the conditions of admissibility of public funding in this sector, as set out by the Court's case-law and by the Commission's decision making practice. Lastly, in the final part of the dissertation, the new Treaty legal basis relating these services will be analyzed, in order to understand whether a greater attention to social aspects has developed (or should develop) in this field.
The growing interest in intellectual property is closely linked to the role it plays in modern society, characterized by continuous technological and cultural progress and a knowledge-based economy. Therefore, intangible assets have become increasingly important and indispensable for the success of individuals and businesses on the market. In order for this value to be preserved and made profitable, it is necessary that IP rights are effectively protected against counterfeiting and plagiarism. Indeed, thanks to technological innovations and easier access to information, these phenomena have reached worrying proportions, so much so as to test the adequacy of the responses of our legal system. In particular, in the general strategy of IP enforcement, a prominent role is played by infringement damages, intended as a tool by which to allow the owner of the infringed right to obtain fair compensation. However, traditionally, the institution of compensation has not always been up to this task, especially in view of the characteristics of intangible assets and counterfeiting phenomena, as well as due to a compensatory function focused too much on the damage suffered, so as to miss the other direct consequence of the harmful conduct: the profits gained by the infringer. With the intention of making up for this shortcoming, the legislator has been inspired by common law systems, in particular the US system and the remedy of disgorgement of profits, for the introduction of the retroversion of profits, an instrument foreign to our civil tradition that allows the return of profits unlawfully obtained from the violation of IP rights. Consequently, the remedy not only plays a compensatory function, but also a preventive-deterrent and punitive-sanctioning one. This thesis aims to critically analyze how the introduction of the retroversion of profits has led to redefine the concept of damages and, more generally, of civil liability in the field of intellectual property. Moreover, through a comparative analysis of the US and ...
Tort liability for environmental damages and historical pollution The work explores the issue of tort liability for environmental damages, with specific reference to the cases of liability for the so called "historical" pollution, where such term indicates events of long standing environmental deterioration. The starting point is the analysis of a lawsuit decided by the Court of Milan in 2012, relating to damages, either or not of environmental kind, claimed by certain government authorities against the last owner of an industrial site for the production of chemical products. Such industrial site had remained active over the entire twentieth century under the ownership and management of different entities who contributed, to different extent, to the whole status of environmental deterioration identified on the spot. Moving from the case at stake, the work recalls the laws governing the compensation of environmental damages under the Italian legal system, from law 349/86 until the so called Environmental Code (legislative decree 152/06), and the EU legal system, in such last respect with specific reference to EU Directive 2004/35/CE. The analysis of the case has guided the verification, in the application stage, of the solutions created by scholars and case law, and the debate on the different functions that the institute of tort liability holds in respect of the issue of environmental damage. A particular attention has been reserved, on the basis of the scholars' and case law's arguments developed over the years, to crucial issues in the scholars' debate: the legal notion of environment and environmental damage, the question of identifying the persons liable, the role of the cause-to-effect relation, the criteria for allocating the liability, the relationship between the regulation governing the environmental damage and the one governing the recovery, the methods of compensation.
The honorary decree for Tenedos attests the importance of the small island in the context of the Second Athenian League, immediately after the failed siege to Byzantium by Philip II. The military operation of the Macedonian king could have endangered the Athenian control of Bosporus, but also the autonomy of the allied Tenedos, so that the island may have been interested to pay contributions in order to receive Athens' protection and, at the same time, Athens itself may have appreciated the help of Tenedos in a difficult moment for the League. Even if the decree has gaps and it is difficult to determine the amount of the Athenian compensation, nevertheless it has an important historical value, since it is the last official document about the relations between Athens and the allies of the Second Athenian League
It has been a long time since Europe decided to place the victim in the middle of its criminal justice policies. From the 2001/220/GAI Framework Decision, there have been great cultural and regulatory changes, also in Italy, where the victim traditionally is placed at the edge of the process.The slow rediscovery of the victim has reached its peak with the directive 2012/29/EU: it is a 'Magna Charta' of the rights of the victim, which represents the necessary term of comparison to verify the compliance of individual national laws with respect to the Union law.Not everything, however, is resolved: some questions remain without a clear answer.First, we still have to know well who the victim is today: understanding its identity helps both to give her a correct baggage of rights and guarantees (information, participation, protection), both to work on the construction of an appropriate procedural role.On this second aspect, in particular, there are still doubts that do not find shared solutions. In Italy, the traditional suspicion demonstrated against the damaged, in order to claim compensation – inside of the criminal trial – for the damages suffered because of the offense, directs the interpreters towards a substantial distrust of the victim. It is difficult to see in the victim a part of the criminal process, without reference to the request for compensation. The essay examines, without preconceptions, the possibilities offered by a rethinking - in a participatory sense, as a real part - of the role of the victim in the criminal trial. ; È trascorso molto tempo da quando l'Europa ha deciso di porre la vittima al centro delle proprie politiche sulla giustizia penale. Dalla decisione quadro 2001/220/GAI si sono susseguiti grandi rivolgimenti culturali e normativi, anche in Italia, dove la vittima tradizionalmente si colloca ai margini della scena penale. Il lento percorso di riscoperta della vittima ha raggiunto l'apice con la direttiva 2012/29/UE: una sorta di Magna Chartadei diritti dell'offeso dal reato, che ...
The contribution aims to trace crypto-insurance forms in the medieval Italian guilds and confraternities, apt to protect citizens and workers from the economic and biological unknowns of life. During the Middle Ages, in fact, belonging to a guild meant to be protected from various risks. Guild members received help in cases of infirmity and accident and obtained cash benefits, medical-pharmaceutical assistance and hospitalisation. They were protected against the financial risks of unemployment and old age. Furthermore, they could receive compensation for work-related damages. Guilds took care of the body and the soul of deceased members. Finally, guild members may have been helped in extreme cases of deprivation of liberty: guilds may have paid ransom to pirates as well as bandits, and they may have helped in cases of economic and political imprisonment. If, in most cases, guild members did not acquire a legally enforceable right to help, but simply developed a reasonable expectation of receiving it, there are examples of the separation of funds intended to finance the support and assistance mechanisms in the event of illness, accident or death. These funds came from entrance fees, annual subscriptions, donations, fines, investments in property and land as well as from other financial activities.
Tania Scacchetti, General Secretary of CGIL, introduces a comment on the collective agreement by Just Eat and Filt CIGL, Fit CISL, UIL Trasporti. The Author explains thelegislative and negotiating framework in which the last collective agreement was born and reconstructs the antecedents that led to its stipulation. She also discusses what she considers to be the salient parts of the contract, including the regulation of working time and rider compensation. ; Tania Scacchetti, secretaria confederal de la CGIL, propone un comentario sobre el acuerdo colectivo firmado por Just Eat con Filt CIGL, Fit CISL, UIL Trasporti. La Autora recorre el marco legislativo y de negociación en el que se enmarca el reciente acuerdo y los antecedentes que condujeron a su estipulación. También se detiene en las partes del contrato que considera más destacadas, como la regulación del tiempo de trabajo y la compensación de los repartidores. ; Tania Scacchetti, segretaria confederale CGIL, propone un commento dell'accordo aziendale sottoscritto da Just Eat con Filt CIGL, Fit CISL, UIL Trasporti. L'Autrice ripercorre la cornice legislativa e negoziale in cui si inquadra il recente accordo e gli antefatti che hanno condotto alla sua stipula. Si sofferma, inoltre, sulle parti del contratto che ritiene salienti, tra cui la disciplina dell'orario di lavoro e del compenso dei rider.
The singular causal link among natural events (the magnitude-9 earthquake and the resultant tsunami of 11 March 2011), technological disaster (the meltdown of three of the six nuclear reactors at the Fukushima Daiichi nuclear power plant in the following days) and its human and environmental consequences, makes the Japanese case complex and, at the same time, paradigmatic of how post-disaster contexts can become an arena for competing perceptions, narratives and memories of the tragedy. The situation in post-disaster Fukushima is complicated by differentiated risk perceptions and socio-economic conditions which lead individuals to find different solutions to manage their fear, and by debatable measures of evacuation, relocation and support that contribute to sharpening divisions and tensions within local communities and families, and even among "forced" and "voluntary" evacuees. In such a fragmented situation, there are women who denounce the insufficient information on radiation and the government's nuclear policy and response to the nuclear crisis; demand guarantees for the health and safety of their children and communities, and adequate supports and compensations; and reaffirm the centrality of the nuclear disaster in national political agenda and identity. They contribute to re-build their communities, to create resilient society, and to make Fukushima a little less surreal.
Il saggio si pone l'obiettivo di illustrare anche criticamente la disciplina del rischio da stress lavoro-correlato contenuta nell'accordo quadro europeo dell'8 ottobre 2004 e in varie fonti nazionali (legislative, contrattualie amministrative).In particolare, l'analisi si concentra sulle indicazioni metodologiche fornite dalla Commissione consultiva permanente per la salute e sicurezza sul lavoro (evidenziando la genericità e la lacunosità su molteplici aspetti) e sulle linee guida pubblicate dall'Inail, per definire compiutamente il percorso sistematico di valutazione e gestione del rischio da SLC.The essay examines critically the subject of work-related stress contained in the European Framework agreement on work-related stress of 8 October 2004 and in various national sources (legislative, contractual and administrative). In particular, the analysis focuses on the guidelines provided by the PermanentConsultative Commission on Health and Safety at Work (pointing out the vagueness and incompleteness of many aspects) and on the guidelines published by the Italian Workers' Compensation Authority (Inail), to fully define the systematic course of assessement and management of work-related stress.Parole chiave: stress lavoro-correlato, rischi psico-sociali, valutazione dei rischi, accordo quadro europeo dell'8 ottobre 2004, d.lgs. n. 81/2008, Commissione consultiva permanente per la salute e sicurezza sul lavoroKeywords: work-related stress, psycho-social risk, risk assessement, the European Framework Agreement of 8 October 2004, legislative decree no. 81/2008, the Permanent Consultative Commission on Health and Safety at Work
