Art. 106 of the so-called ‘Cura Italia’ Law Decree dated March 17, 2020, introduced some important innovations for corporate law in order to support companies corporate activities during the Coronavirus outbreak.
1. Term for approval of the financial Statements
In particular, by way of derogation to Articles 2364, second paragraph, and 2478-bis, of the Italian Civil Code and to the provisions of the companies’ by-laws, the ordinary shareholders' meeting for the approval of the financial statements shall be convened within 180 days after financial year end, instead of the ordinary 120 days term.
Hence, a longer period is granted by the law for the preparation of the financial statements and their approval.