English translation: subsidiary or controlled company
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.
07:20 Jun 22, 2005
Italian to English translations [PRO] Bus/Financial - Business/Commerce (general)
Italian term or phrase:Società soggetta a direzione e coordinamento
Sembra si tratti di un tipo di società istituito di recente. Qualcuno ne conosce la trad in ING? TIA
Explanation: A Group is not an autonomous legal entity.
Direction of the companies in a Group may follow a common economic strategy but are distinct from each other as well as the Group. Each company is subject to the laws for the model under which it is incorporated.
Parent company resolutions do not, therefore, directly affect subsidiaries or controlled companies even if intended for DIRECTION AND COORDINATION.
Nevertheless, the group's interests can be pursued through acts, which may initially affect the interest of the subsidiary. The final result of the group's act, however, must eventually favor the individual subsidiary.
Duties of Parent Companies
Parent companies must disclose publicly financial information and other sensitive data regarding subsidiaries, controlled companies and affiliated entities.
Parent companies are liable towards shareholders and creditors of their subsidiaries and controlled companies if such companies are mismanaged.
Duties of Subsidiaries
Subsidiaries and controlled companies must make public their links with the group's other companies and the parent company's powers of DIRECTION AND COORDINATION, as recorded at the Company Registry.
They must also explain the reasoning behind any of their decisions derived from their dependence on a group. Shareholders of subsidiaries or controlled companies may withdraw from the company under specific circumstances.