1、1本科毕业论文（设计）外文翻译外文出处THEHARVARDLAWSCHOOLFORUMONCORPORATEGOVERNANCEANDFINANCIALREGULATION外文作者EDWARDFGREENE，CLEARYGOTTLIEBSTEENANDIIRELATEDPARTYTRANSACTIONSINWHICHNONEOFSUCHQUANTITATIVEPARAMETERSEXCEEDSTHE5THRESHOLD“NONMATERIALTRANSACTIONS”ANDWHICHARENOT3TRANSACTIONSINVOLVINGMINIMUMAMOUNTSASMAYBEIDENTIF
2、IEDBYTHEPROCEDURESSEEINFRAVIIHOWEVER,IFATRANSACTIONMAYBEQUALIFIEDASAMATERIALTRANSACTIONPURSUANTTOTHEPARAMETERSPROVIDEDBYTHEREGULATIONANDSUCHARESULTSEEMSTOBEMANIFESTLYUNJUSTIFIEDINRELATIONTOTHESPECIFICCIRCUMSTANCES,CONSOBMAYINDICATE,UPONTHEISSUERSREQUEST,ALTERNATIVEMETHODSOFASSESSMENTIICONTINUINGANDP
3、ERIODICDISCLOSUREOBLIGATIONSWITHREFERENCETOCONTINUINGDISCLOSUREOBLIGATIONS,THEREGULATIONNOTICEABLYENHANCESCURRENTSAFEGUARDSSETFORTH,INTERALIA,INARTICLE71BISOFTHEISSUERREGULATIONWITHOUTPREJUDICETOTHEDISCLOSUREOBLIGATIONSTRIGGEREDINCONNECTIONWITHPRICESENSITIVETRANSACTIONS,WHENMATERIALTRANSACTIONSAREEN
4、TEREDINTO,ISSUERSSHALLPUBLISHADISCLOSUREDOCUMENTTHE“DISCLOSUREDOCUMENT”WITHINSEVENDAYSFROMAPPROVALOFTHETRANSACTIONBYTHECOMPETENTBODYORFROMEXECUTIONOFTHERELEVANTAGREEMENTINCLUDINGANYPRELIMINARYAGREEMENTTHEDISCLOSUREDOCUMENTSHALLDESCRIBE,INTERALIA,THECHARACTERISTICSOFTHETRANSACTION,THEECONOMICRATIONAL
5、ETHATLEDTHEISSUERTOENTERINTOTHETRANSACTIONANDTHEMETHODSFORDETERMININGTHECONSIDERATIONINCONNECTIONTHEREWITHTHEOBLIGATIONTOPREPAREANDPUBLISHADISCLOSUREDOCUMENTSHALLALSOBETRIGGEREDIF,DURINGTHESAMEFISCALYEAR,THEISSUERENTERSINTO,WITHTHESAMERELATEDPARTYORWITHPARTIESRELATEDBOTHTOTHELATTERANDTOTHEISSUER,HOM
6、OGENEOUSTRANSACTIONSORTRANSACTIONSINEXECUTIONOFTHESAMEOVERALLDESIGN,WHICH,EVENTHOUGHINDIVIDUALLYNOTCONSIDEREDMATERIALTRANSACTIONS,INTHEAGGREGATEEXCEEDTHERELEVANTTHRESHOLDSINSUCHCASE,THEDISCLOSUREDOCUMENTSHALLBEPUBLISHEDWITHINFIFTEENDAYSFROMAPPROVALOFTHETRANSACTIONORFROMEXECUTIONOFTHEAGREEMENTTHATCAU
7、SESTHEISSUERTOEXCEEDTHETHRESHOLDWITHREFERENCETOPERIODICDISCLOSURE,THEREGULATIONPROVIDESTHATTHEANNUALMANAGEMENTREPORTANDTHEINTERIMMANAGEMENTREPORTSHALLCONTAININFORMATIONIONTHESINGLEMATERIALTRANSACTIONSIIONTHEOTHERRELATEDPARTYTRANSACTIONSTHUSINCLUDINGNONMATERIALTRANSACTIONSENTEREDINTOINTHERELEVANTPERI
8、ODANDWHICHHAVESIGNIFICANTLYAFFECTEDTHEISSUERSASSETSOREARNINGSANDIIIONANYCHANGEOR4DEVELOPMENTINTHERELATEDPARTYTRANSACTIONSDESCRIBEDINTHEPREVIOUSANNUALFINANCIALREPORTTHATHAVEHADASIGNIFICANTEFFECTONTHEISSUERSASSETSOREARNINGSIIISUBSTANTIALANDPROCEDURALFAIRNESSTHEGENERALPROCEDUREFORNONMATERIALTRANSACTION
9、STHEREGULATIONCONFERSAPIVOTALAND,TOACERTAINEXTENT,NEW,ROLEUPONINDEPENDENTDIRECTORSINENSURINGTHATRELATEDPARTYTRANSACTIONSAREENTEREDINTOINTHEINTERESTOFTHEISSUER,TRANSPARENTLY,ANDINACCORDANCEWITHPRINCIPLESOFSUBSTANTIALANDPROCEDURALFAIRNESSINDEPENDENTDIRECTORSAREGRANTEDSUCHROLEBOTHINCONNECTIONWITHNONMAT
10、ERIALTRANSACTIONSSEETHISIIIAND,TOAGREATEREXTENT,INCONNECTIONWITHMATERIALTRANSACTIONSSEEIVBELOWTHEREGULATIONREQUIRESTHEIMPLEMENTATIONOFAGENERALPROCEDUREFORNONMATERIALTRANSACTIONSTHE“GENERALPROCEDURE”WHICHISOVERALLLESSBURDENSOMETHANTHEPROCEDUREFORMATERIALTRANSACTIONS,ANDWHICH,ASSETFORTHINTHEPROCEDURES
11、,MUSTINCLUDEATLEASTTHEFOLLOWINGELEMENTSIBEFORETHEAPPROVALOFNONMATERIALTRANSACTIONS,ACOMMITTEECOMPOSEDOFNONEXECUTIVEANDUNRELATEDDIRECTORS,THEMAJORITYOFWHICHSHALLBEINDEPENDENT,15SHALLEXPRESSAREASONEDNONBINDINGOPINIONILLUSTRATINGTHEISSUERSINTERESTINENTERINGINTOTHETRANSACTION,ASWELLASTHECONVENIENCEANDSU
12、BSTANTIALFAIRNESSOFTHERELEVANTTERMSANDCONDITIONSIITHECOMMITTEEMAYRELYONINDEPENDENTADVISORSOFITSCHOICE,WITHINTHEMAXIMUMBUDGETFOREACHSINGLETRANSACTIONEVENTUALLYESTABLISHEDBYTHEPROCEDURESIIIADEQUATEANDEXHAUSTIVEINFORMATIONONTHETRANSACTIONSHALLBEPROVIDED,SUFFICIENTLYINADVANCE,TOTHECOMMITTEEEXPRESSINGTHE
13、OPINIONANDTHECORPORATEBODYCOMPETENTTODECIDEONTHETRANSACTIONIVTHEMINUTESOFTHERESOLUTIONSAPPROVINGTHETRANSACTIONSSHALLADEQUATELYEXPLAINTHEISSUERSINTERESTINENTERINGINTOTHETRANSACTION,ASWELLASTHECONVENIENCEANDSUBSTANTIALFAIRNESSOFTHERELEVANTTERMSANDCONDITIONSVCOMPLETEINFORMATIONONTHETRANSACTIONSENTEREDI
14、NTOSHALLBEPROVIDEDTOTHEBOARDOFDIRECTORSANDTHEBOARDOFSTATUTORYAUDITORS,ATLEASTEVERYQUARTER5VIWITHOUTPREJUDICETOPROVISIONSGOVERNINGTHEDISCLOSUREOFPRICESENSITIVEINFORMATION,THEDISCLOSUREOFNONMATERIALTRANSACTIONSAPPROVEDNOTWITHSTANDINGTHENEGATIVEOPINIONOFTHEINDEPENDENTDIRECTORS,ATLEASTONAQUARTERLYBASIS,
15、WITHTHESIMULTANEOUSPUBLICATIONOFTHENEGATIVEOPINIONIVTHESPECIALPROCEDUREFORMATERIALTRANSACTIONSTHEREGULATIONSETSFORTHAMORERIGOROUSCOURSEOFACTIONINCONNECTIONWITHMATERIALTRANSACTIONSTHE“SPECIALPROCEDURE”,DELEGATINGONCEAGAINTOTHEPROCEDURESTHESPECIFICDETERMINATIONOFTHERELEVANTSTEPSINADDITIONTOTHERULESSET
16、FORTHFORTHEGENERALPROCEDURE,THESPECIALPROCEDURESHALLPROVIDETHATIINTHEEVENTOFAMATERIALTRANSACTION,THEINDEPENDENTDIRECTORSSHALLBEINVOLVEDINTHENEGOTIATIONANDPREPARATORYPHASES,BYMEANSOFANEXHAUSTIVEANDTIMELYINFORMATIONSTREAMANDTHEPOSSIBILITYOFASKINGFORCLARIFICATIONSASWELLASPROVIDINGCOMMENTSTOTHEDELEGATED
17、ENTITIESANDTHEPERSONSLEADINGTHENEGOTIATIONSIITHERESOLUTIONWHICHAPPROVESTHETRANSACTIONSHALLBETAKENBYTHEADMINISTRATIVEBODYINITSENTIRETY,WITHAREASONEDFAVORABLEOPINIONISSUEDBYACOMMITTEECOMPOSEDEXCLUSIVELYOFUNRELATEDINDEPENDENTDIRECTORSOR,ALTERNATIVELY,OTHERMEANSOFAPPROVALOFTHETRANSACTIONSHALLBEESTABLISH
18、EDWHICHENSUREAFUNDAMENTALROLEFORTHEMAJORITYOFTHEUNRELATEDINDEPENDENTDIRECTORSIIITHEFAVORABLEOPINIONOFTHEUNRELATEDINDEPENDENTDIRECTORSASWELLASANYOPINIONSOFINDEPENDENTADVISORSSHALLBEDISCLOSEDWITHINTHESAMETIMEPERIODSETFORTHFORTHEPUBLICATIONOFTHEDISCLOSUREDOCUMENTIE,WITHINSEVENDAYSFROMAPPROVALOFTHETRANS
19、ACTION,SEEIIABOVETHEPROCEDURESMAYALLOWFORTHEADMINISTRATIVEBODYSAPPROVALOFMATERIALTRANSACTIONSNOTWITHSTANDINGTHENEGATIVEOPINIONOFTHEUNRELATEDINDEPENDENTDIRECTORS,PROVIDEDTHATSUCHTRANSACTIONSAREAUTHORIZEDBYTHEGENERALMEETINGOFSHAREHOLDERS,WHICHMAYONLYTAKETHEIRDECISIONPURSUANTTOTHEMAJORITIESSETFORTHUNDE
20、RTHELAWANDTHEBYLAWSWITHTHEFAVORABLEVOTEOFAMAJORITYOFTHEUNRELATEDSHAREHOLDERSTHESOCALLED“WHITEWASH”MECHANISMTHEPOSSIBILITYOFENGAGINGTHEGENERALMEETINGOFSHAREHOLDERSINTHEAUTHORIZATIONOFMATERIALTRANSACTIONSATLEASTINTHOSETRANSACTIONSWHICHINVOLVEAMAJORITYSHAREHOLDERASARELATEDPARTY6ENTAILS,INPRACTICE,THEGR
21、ANTINGOFDECISIONMAKINGPOWERTOMINORITYSHAREHOLDERSWHICHCOULDLARGELYACTASADISINCENTIVETOTHEUSEOFSUCHINSTRUMENTVRELATEDPARTYTRANSACTIONSTOBEAPPROVEDBYTHESHAREHOLDERSWITHREGARDTOTRANSACTIONSTHATMUSTBERESOLVEDUPONATAGENERALMEETINGOFSHAREHOLDERSWITHOUTPREJUDICETOTHEAPPLICATIONOFTHEPROCEDURESILLUSTRATEDABO
22、VEINCONNECTIONWITHTHEPROPOSALSTOBESUBMITTEDBYTHEADMINISTRATIVEBODYINADVANCEOFTHEMEETINGTHERESOLUTIONSCONCERNINGMATERIALTRANSACTIONSFORWHICHTHEINDEPENDENTDIRECTORSHAVEISSUEDANEGATIVEOPINIONSHALLBEADOPTEDWITHTHEWHITEWASHMECHANISM,INORDERTOPREVENTTHEFINALVOTEFROMBEINGDETERMINEDBYSHAREHOLDERSTHATARERELA
23、TEDPARTIESINTHETRANSACTIONHOWEVER,THEPROCEDURESMAYPROVIDETHATTHETRANSACTIONMAYBEBLOCKEDONLYIFTHEUNRELATEDSHAREHOLDERSATTENDINGTHEMEETINGREPRESENTATLEASTACERTAINPERCENTAGEOFTHEISSUERSSHARECAPITAL,NOT,INANYCASE,TOEXCEED10VIFRAMEWORKRESOLUTIONSANDSIMPLIFIEDREGIMEFORSPECIFICCATEGORIESOFISSUERSINORDERTOA
24、VOIDTHEREPEATEDAPPLICATIONOFCOSTLYANDBURDENSOMEPROCEDURESINCONNECTIONWITHSIMILARANDREOCCURRINGTRANSACTIONS,THEREGULATIONENVISAGESTHATTHEPROCEDURESMAYALLOW,FORSPECIFICCATEGORIESOFTRANSACTIONS,THEADOPTIONOF“FRAMEWORKRESOLUTIONS”INRELATIONTOASERIESOFHOMOGENEOUSTRANSACTIONSWITHSPECIFICCATEGORIESOFRELATE
25、DPARTIESINSUCHCASE,THEAPPLICATIONOFTHEGENERALPROCEDUREOROFTHESPECIALPROCEDUREASWELLASTHEPUBLICATIONOFTHEDISCLOSUREDOCUMENTWILLDEPENDONTHEFORESEEABLEMAXIMUMAGGREGATEAMOUNTOFTHERELEVANTTRANSACTIONSFRAMEWORKRESOLUTIONSMAYNOTINANYCASEBEEFFECTIVEFORMORETHANONEYEARANDMUSTRELATETOSUFFICIENTLYDETERMINEDTRAN
26、SACTIONSSPECIFYINGTHEFORESEEABLEMAXIMUMAMOUNTOFTHETRANSACTIONSTOBEENTEREDINTOINTHERELEVANTPERIODANDTHEREASONSFORTHETERMSANDCONDITIONSINCONNECTIONTHERETOTHEREGULATIONALSOENVISAGESASIMPLIFIEDREGIMEFORRECENTLYLISTEDISSUERSINTHEFIRSTTWOYEARSSINCETHESTARTOFTRADING,FORSMALLSIZEDISSUERSREVENUESANDNETASSETS
27、NOTEXCEEDINGEURO500MILLIONANDFORWIDELYHELDISSUERSWITHOUTPREJUDICETOTHEAPPLICATIONOFTHEDISCLOSUREOBLIGATIONSILLUSTRATEDABOVEUNDERII,SUCH7ISSUERSMAYAPPLYTHEGENERALPROCEDUREALSOTOMATERIALTRANSACTIONSHOWEVER,SUCHSIMPLIFIEDREGIMEISNOTAVAILABLEFORLISTEDISSUERSSUBJECTTOTHEDIRECTORINDIRECTCONTROLOFISSUERSOF
28、SHARESTRADEDONAREGULATEDMARKETVIICASESANDPOSSIBILITIESOFEXEMPTIONTHEPROVISIONSOFTHEREGULATIONDONOTAPPLYTORESOLUTIONSADOPTEDATAGENERALMEETINGOFSHAREHOLDERSCONCERNINGDIRECTORCOMPENSATIONORTORESOLUTIONSONTHECOMPENSATIONOFDIRECTORSENTRUSTEDWITHSPECIFICPOWERSEG,THECHIEFEXECUTIVEOFFICER,IFTHESHAREHOLDERS,
29、ACTINGATTHEGENERALMEETING,HAVESETFORTHANAGGREGATEMAXIMUMCOMPENSATIONINACCORDANCEWITHTHEBYLAWSONLYTHEDISCLOSURERULESILLUSTRATEDABOVEUNDERIISHALLAPPLYTOTRANSACTIONSENTEREDINTOINCOMPLIANCEWITHINSTRUCTIONSISSUEDBYREGULATORYAUTHORITIESINPURSUANCEOFSTABILITYOBJECTIVESOTHERTRANSACTIONSMAYBEEXEMPTEDCOMPLETE
30、LYORINPARTFROMTHEAPPLICATIONOFTHERULESSETFORTHBYTHEREGULATIONDEPENDINGONASPECIFICCHOICEMADEWHENADOPTINGTHEPROCEDURESTHESEINCLUDEITRANSACTIONSINVOLVINGSMALLAMOUNTSIITRANSACTIONSWITHANDAMONGSUBSIDIARIESANDAFFILIATESIIIORDINARYTRANSACTIONSENTEREDINTOONTERMSEQUIVALENTTOMARKETORSTANDARDTERMSIVURGENTTRANS
31、ACTIONSIE,THOSETHATCANNOTBEPOSTPONEDORTHATARELINKEDTOAFINANCIALCRISISOFTHEISSUERVTHEAWARDINGOFCOMPENSATIONINCLUDINGCOMPENSATIONBASEDONFINANCIALINSTRUMENTSTODIRECTORSANDOTHERMANAGERSONTHEBASISOFWELLESTABLISHEDREMUNERATIONPOLICIESALREADYAPPROVEDBYSHAREHOLDERSANDBYACOMMITTEECOMPOSEDEXCLUSIVELYOFNONEXEC
32、UTIVEDIRECTORS,THEMAJORITYOFWHICHAREINDEPENDENTVIIIISSUERSSUBJECTTO“DIRECTIONANDCOORDINATION”POWERSWHENADOPTINGTHEREGULATION,CONSOBSIGNIFICANTLYAMENDEDARTICLE37OFTHEMARKETSREGULATION,PROVIDINGASPECIFICANDSIGNIFICANTPROVISIONAIMEDATENHANCINGMINORITYSHAREHOLDERSRIGHTSINISSUERSSUBJECTTODIRECTIONANDCOOR
33、DINATIONPOWERSITISINDEEDPROVIDEDTHATIISSUERSSUBJECTTOCONTROLANDCOORDINATIONPOWERSMUSTHAVEANINTERNALCONTROLCOMMITTEECOMPOSEDEXCLUSIVELYOFINDEPENDENTDIRECTORSANDIIIFTHEENTITYEXERCISINGDIRECTIONANDCOORDINATIONPOWERSISALISTEDISSUER,THE8BOARDOFDIRECTORSOFTHEISSUERSUBJECTTOSUCHDIRECTIONANDCOORDINATIONPOWE
34、RSSHALLBECOMPOSEDINITSMAJORITYBYINDEPENDENTDIRECTORSEDWARDF，GREENE，CLEARYGOTTLIEBSTEEN（二）关联交易并在附属公司等（三）标准条款订立普通或交易的条款相等于市值（四）紧急交易（即那些不能被推迟或链接到发行人的财务危机）（五）颁发的补偿（补偿的金融工具，包括董事及其他管理人员由股东批准以及在此基础上业已建立的薪酬政策。八、发行人在符合“指导和协调”的权力13在通过该规例时，意大利证监会修订了市场规例第37条，提供了具体而重要的规定发行人须在加强对领导和协调少数股东权益的目的。这是在（一）发行人受控制和协调的权力必须由一个专门的内部控制委员会和独立董事的组成，（二）如该实体行使权力的指导和协调是上市发行人，发行人的董事局应受这种指导和协调权应当由独立董事组成。出处爱德华格林，佳利和汉密而顿意大利调节新规则中关联方交易问题EB/OL哈佛法学院公司治理和金融监管论坛
