Company & Commercial updates

France

Contributed by Hughes Hubbard & Reed LLP
More flexible regime for intra-group guarantees issued by public limited companies
  • France
  • 20 January 2020

Law 2019-744 of 19 July 2019 seeks to simplify and update wide-ranging aspects of company law. The measures include changes to the approval process that public limited companies must follow in order to issue, in favour of a third party, a guarantee of the obligations of a subsidiary that they control. These changes aim to enable foreign subsidiaries of French companies to respond more quickly to international tender processes.


Italy

Contributed by Grieco e Associati
Supreme Court of Cassation rules on chair and deputy chair duties and directors' revocation
  • Italy
  • 20 January 2020

The Supreme Court of Cassation has set out important principles regarding the duties of chairs and deputy chairs of company boards of directors. In particularly, chairs' duties are of an organisational nature and must be fulfilled in a neutral way with the aim of coordinating the board as an impartial body. The court also ruled on directors' right to be indemnified in the event of their revocation without cause before the expiration of their appointment.


USA

Contributed by Cooley LLP
How does public view executive compensation?
  • USA
  • 20 January 2020

A recent Rock Centre for Corporate Governance paper suggests that the disconnect between observed pay levels and the public's view of executive compensation is stark. The paper was based on a survey conducted in October 2019 of 3,078 individuals – nationally representative by gender, age, race, political affiliation, household income and state residence – to understand the views that US citizens have on executive compensation.


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