Consob Q&A of 18 March 2021 on selective information towards shareholders and, in particular, the controlling shareholder as well as on the publication of inside information relating to business plans

Consob has published Q&A which are useful to clarify how listed companies can establish information flows concerning information that can take on a privileged nature with the shareholders and, in particular, with the controlling shareholder.

The topic – having a particular relevance for its implications on the prevention of market abuse and governance structures – has been subject to specific investigations following various discussions with listed companies in carrying out supervisory activities.

The Q&A outline the conditions under which selective information can be considered legitimate towards the controlling shareholder and / or the shareholder who exercises management and coordination, always in compliance with the confidentiality constraints of the recipients of the information; the information flows functional to the preparation of the accounting reports are also taken into consideration as well as further hypotheses whereas an explanatory report of the selective information can be detected.

Finally, the Q&A provide clarifications about the publication of the business plans, recalling that although they are not subject to specific disclosure requirements, they remain subject to the obligations of management and disclosure to the public of the privileged information contained therein.