Extension of the term and special procedures for the approval of the 2020 Financial Statements

published on 18 May 2021 | reading time approx. 1 minute

With the approval and conversion into law of Decree-Law 183/2020 (the so-called “Decreto Milleproroghe”), the provisions of Article 106 of the “Cura Italia” Decree regarding the automatic extension to 180 days from the end of the financial year of the deadline for the convocation of the shareholders' meeting for the approval of the financial statements and the exceptional procedures for holding the shareholders' meetings are extended also to the 2020 financial statements for all joint stock companies and limited liability companies.

Therefore, for the financial statements as at 31 December 2020, in derogation of the provisions of Articles 2364, paragraph 2, and 2478-bis of the Italian Civil Code or of the eventually different provisions of the company's statute, the deadline for the approval of the financial statements is postponed to 29 June 2021, regardless of whether or not the company has “exceptional exigencies”.

At the same time, the exceptional provisions on shareholders' meetings are extended to 31 July 2021. Thus, shareholders' meetings may be held, also in derogation of the provisions of company's statute, by means of telecommunications (audio/video) and, therefore, without the physical presence of the chairman, secretary or notary in a single meeting place. It will thereby be possible, provided that this is stated in the notice of convocation of the meetings, to vote by means of telecommunications, electronically or by correspondence. For limited liability companies, it is also possible to vote by written consultation.