Recent Issues On Corporate Governance: The Effects Of The "Precautionary Recapitalisation"

The paper concerns recent issues on corporate governance, in terms of impact on the stability and safety of financial system as a whole and, in particular, in the context of “precautionary” recapitalisation.The research moves from some recent trends of the international discipline, Basel III above all, and Directive No. 2013/36/EU (so called CRD IV), as well as the Draft Guidelines on internal governance, recently published by the European Banking Authority (EBA), that gave new input to banking corporate governance regulation.The analysis summarizes the objectives of the current regulation and the reasons of the special nature of corporate governance of banks due to the public interest and institutional function performed by financial intermediaries in the economic process, compared to non financial either industrial companies.A particular case study concerns - in this context - the measures recently introduced by Italian legislation, with regard to the so called precautionary banking recapitalisation and the effects of these measures on corporate governnace.