How Independent are Independent Directors? The Case of Italy

In this article, we provide an interpretation for the voluntary independence requirements contained in the Italian Corporate Governance Code (Preda Code) checking them against a proxy for international best practice, the independence criteria provided in the EC Recommendation on non-executive and supervisory directors of 2005. We then check to what extent company disclosure for 2003 allows the verification of the independence of directors qualified as independent by the Italian 40 blue chips. We find that the Preda Code (currently under revision) should be updated in several respects in order to make it abreast with best practice in the European Union. We also find that for two key independence requirements (not to have business relationships with the company and not to have too many concurrent commitments outside of the company) the level of compliance is dramatically low (4% and 16% respectively). Overall, for only 5 out of the 284 directors declared as independent by the Italian blue chips is it possible to verify the respect of all the Italian independence standards (and for only 4 directors with respect to the EC standards). This raises the problem of who should monitor what listed companies declare.Independent directors, Corporate governance

HOW INDEPENDENT ARE INDEPENDENT DIRECTORS? THE CASE OF ITALY

In this article, we provide an interpretation for the voluntary independence requirements contained in the Italian Corporate Governance Code (Preda Code) checking them against a proxy for international best practice, the independence criteria provided in the EC Recommendation on non-executive and supervisory directors of 2005. We then check to what extent company disclosure for 2003 allows the verification of the independence of directors qualified as independent by the Italian 40 blue chips. We find that the Preda Code (currently under revision) should be updated in several respects in order to make it abreast with best practice in the European Union. We also find that for two key independence requirements (not to have business relationships with the company and not to have too many concurrent commitments outside of the company) the level of compliance is dramatically low (4% and 16% respectively). Overall, for only 5 out of the 284 directors declared as independent by the Italian blue chips is it possible to verify the respect of all the Italian independence standards (and for only 4 directors with respect to the EC standards). This raises the problem of who should monitor what listed companies declare.Independent directors, Corporate governance,

Who cares about Director Independence?

In this article we have expanded the analysis of the new dataset we created in Santella, Paone, Drago (2005) which analysed and quantified corporate disclosure on directors formally identified as independent by the forty Italian Blue Chips. We find here a general low level of compliance with independence requirements for both financial and non-financial companies, particularly with regard to the two key independence criteria of not having too many concurring commitments and not having business relationships with the company or an associated company. We also find that financial companies show a lower level of compliance than non-financial ones and are connected with each other and with a few non-financial companies through networks of cross-directorships: two directors (one independent and one executive) who also sit at the same time on another company board. Finally, those non-financial companies that have a relatively fragmented shareholder structure tend to be characterised by higher levels of compliance and disclosure (but not always by lower levels of not compliance) than tightly-controlled non-financial companies, presumably because of sensitivity to a larger pool of small shareholders. Peculiarly, financial companies with fragmented shareholder structure tend to be characterised by low disclosure levels, although such companies are also subject to strong financial supervision.corporate governance; independent directors; interlocking directorships; empirical legal studies

Who cares about Director Independence?

In this article we have expanded the analysis of the new dataset we created in Santella, Paone, Drago (2005) which analysed and quantified corporate disclosure on directors formally identified as independent by the forty Italian Blue Chips. We find here a general low level of compliance with independence requirements for both financial and non-financial companies, particularly with regard to the two key independence criteria of not having too many concurring commitments and not having business relationships with the company or an associated company. We also find that financial companies show a lower level of compliance than non-financial ones and are connected with each other and with a few non-financial companies through networks of cross-directorships: two directors (one independent and one executive) who also sit at the same time on another company board. Finally, those non-financial companies that have a relatively fragmented shareholder structure tend to be characterised by higher levels of compliance and disclosure (but not always by lower levels of not compliance) than tightly-controlled non-financial companies, presumably because of sensitivity to a larger pool of small shareholders. Peculiarly, financial companies with fragmented shareholder structure tend to be characterised by low disclosure levels, although such companies are also subject to strong financial supervision

Who cares about Director Independence?

In this article we have expanded the analysis of the new dataset we created in Santella, Paone, Drago (2005) which analysed and quantified corporate disclosure on directors formally identified as independent by the forty Italian Blue Chips. We find here a general low level of compliance with independence requirements for both financial and non-financial companies, particularly with regard to the two key independence criteria of not having too many concurring commitments and not having business relationships with the company or an associated company. We also find that financial companies show a lower level of compliance than non-financial ones and are connected with each other and with a few non-financial companies through networks of cross-directorships: two directors (one independent and one executive) who also sit at the same time on another company board. Finally, those non-financial companies that have a relatively fragmented shareholder structure tend to be characterised by higher levels of compliance and disclosure (but not always by lower levels of not compliance) than tightly-controlled non-financial companies, presumably because of sensitivity to a larger pool of small shareholders. Peculiarly, financial companies with fragmented shareholder structure tend to be characterised by low disclosure levels, although such companies are also subject to strong financial supervision

Electrospun Nanofibers and Electrochemical Techniques for the Detection of Heavy Metal Ions

Contamination by heavy metals is currently one of the most environmental concerns especially due to the toxicity, pervasiveness, and persistence of these substances. As they are not biodegradable, heavy metals are harmful not only for water, air, and soil but also for human health, even in very low traces. There is therefore a pressing need to develop an efficient, economic, and rapid analysis method to be applied in a wide range of conditions and able to detect very low contaminants concentrations. Currently, the most novel solution in this field is represented by the combination of electrospun nanofibers and highly sensitive electrochemical techniques. It has been proved that nanofibers, due to their outstanding properties, perfectly fit as sensing material when trace concentrations of heavy metals were investigated by anodic stripping voltammetry, envisaged as the most sensitive electrochemical technique for this kind of measurements. This work aims to provide an overview of the latest trends in the detection of contaminants by the simultaneous use of electrospun fibers and anodic stripping voltammetry. Indeed, a clear and comprehensive vision of the current status of this research may drive future improvements and new challenges

Industrial heritage between identity and conflicts: analysis and possibilities for the industrial village of Rosignano Solvay in Tuscany

During the last decades, the disposal of industrial complexes and the consequent need for renewal of such sites and their contexts arose the interest of heritage organizations, experts and communities in taking care of industrial heritage sites, increasingly recognized as founding patrimony of their contexts. This is the case for the Solvay factory and its industrial village, which represents undoubtedly the founding patrimony of the city of Rosignano Solvay and its territory. The peculiarity of such place, however, is that the Solvay factory is still productive, making the process of recognition of the material and immaterial values of its built heritage particularly difficult. Most of the inhabitants, indeed, observing the negative environmental consequences, hardly recognize its multiple values. At the same time, according to many others, the industrial village would deserve to be seen under a different light. Hence, the site was chosen as object of study, with the aim to identify strategies for its valorisation and raise awareness of its values among the wider community. To fully understand critical issues and potentialities of the industrial village, it was deemed necessary to adopt a multidisciplinary research approach, joining historical, architectural, territorial and sociological analysis. The main critical issues of the whole city of Rosignano Solvay have turned out to be the lack of a real center and the poor interconnection and usability of public spaces. On the other hand, we observed that the historic industrial village has the potential to become the “center” that city has never had through the introduction of a sustainable mobility, the rehabilitation of public spaces and a higher attention to the conservation of its built heritage

The Role of Psychological Parental Control and Internalizing Problems in the Etiology of Vigorexia and Orthorexia in Adolescence

The present study aims to explore the forms of psychological parental control that are interconnected with dysfunctional emotional states (i.e., anxiety and depression), and how these internalizing problems may manifest as distorted behaviors (i.e., vigorexic and orthorexic behaviors) during adolescence. Participants included 403 Italian adolescent athletes (231 boys and 172 girls) aged 14 to 18 years. The participants completed self-report questionnaires designed to assess psychological parental control oriented towards dependence and achievement, anxiety and depression, and vigorexia and orthorexia. The results highlight how both forms of psychological parental control predict anxiety and depression. Furthermore, anxiety was found to be linked to both vigorexic and orthorexic behaviors, while depression is connected only to vigorexia. This study delves into the intricacies of parental influence on adolescents, revealing that both dependency-oriented and success-oriented psychological parental control have notable implications for the mental well-being of adolescents. The findings underscore the interconnectedness of these factors, demonstrating that anxiety can set off a chain reaction, leading to engagement in vigorexic and orthorexic behaviors. On the other hand, depression appears to be uniquely associated with vigorexia. These insights contribute to our understanding of the complex dynamics between parental control and adolescent mental health. The implications of this research extend to both theoretical frameworks and practical interventions, emphasizing the need for a nuanced approach to supporting adolescents in navigating these challenges

Self Standing Mats of Blended Polyaniline Produced by Electrospinning

Conducting nanofibers of polyaniline (PANI) doped with camphor-10-sulfonic acid (HCSA) and blended with different polymers, such as polymethyl methacrylate (PMMA) and polyvinyl acetate (PVAc), have been fabricated using the electrospinning technique. Scanning electron microscopy (SEM) and thermal gravimetric analysis (TGA) were utilized to characterize the morphology and the thermal stability of PANI-blended fibers. An extensive study was performed to understand the copolymer influence on both the structural and surface properties of the realized conductive thin films. Samples main electrical characteristics, as conductivity, specific capacitance and electrochemical performances were tested. The better mats were obtained with the use of PVAc copolymer, which showed a conductivity value two orders of magnitude higher than the PMMA system. Aiming at further improving the electrochemical features of these blended mats, hybrid fibers based on PANI/PVAc/graphene oxide and PANI/PVAc/iron oxide were also produced and characterized. The obtained mats were potentially addressed to numerous practical fields, including sensors, health applications, smart devices and multifunctional textile materials