The New Rules on the Corporate Governance of Banks issued by the Bank of Italy and the Milan Stock Exchange

Italian banks have historically operated traditional corporate governance models whereby the banks are managed by a board of directors, while statutory auditors are responsible for internal control and both groups are appointed by shareholders. More recently there has been a trend for large banks to adopt the two tier system and this prompted the Bank of Italy to issue supervisory provisions on the corporate governance of banks in March 2008. These provisions are appraised in light of the Milan Stock Exchange rule