The “independent director” definition is contained both in the Law (Legislative Decree 58/1998, art.147-ter) and in the Corporate Governance Code for listed companies, issued by “Borsa Italiana” (art.3).
The director is independent when he has not direct or indirect relations such as to affect his own judgement. Independent directors play a key role within insolvency procedures, as they are normally unconnected with the potential conflict of interest.
In general, the Executive Board shall set up a committee of independent directors to negotiate the transaction on behalf of the company; moreover, it includes some independent experts such as lawyers or business banks appointed by the same committee.
IIMC partners provide a qualified team of professionals in the role of Independent Directors.