Italy: What corporate records do I need to keep?

As a founder navigating the complexities of Italian corporate law, it’s crucial to understand the importance of maintaining accurate and comprehensive corporate records. These records not only ensure compliance with legal requirements but also support effective corporate governance and guarantee that the company is well-prepared for audits, due diligence processes, and any potential legal disputes.

Here is an overview of the key corporate records that a founder of an Italian S.p.A. or an S.r.l. need to keep.

Mandatory corporate records for S.p.A. and cooperatives (Article 2421 of the Italian Civil Code):

1. shareholders’ ledger (libro soci);
2. book of obligations (libro delle obbligazioni);
3. book of shareholders’ meeting minutes and resolutions (libro adunanze e deliberazioni delle assemblee);
4. book of board of directors’ or management board’s meetings and resolutions (libro adunanze e deliberazioni del consiglio di amministrazione o del consiglio di gestione);
5. book of the meetings and resolutions of the board of statutory auditors / supervisory board’s / committee for the control on the management (libro adunanze e deliberazioni del collegio sindacale / consiglio di sorveglianza / comitato per il controllo sulla gestione);
6. book of executive committee’s meetings and resolutions (libro adunanze e deliberazioni del comitato esecutivo), if appointed;
7. book of bondholders’ meetings and resolutions (if applicable) (libro adunanze e deliberazioni delle assemblee degli obbligazionisti);
8. book of financial instruments issued in accordance to article 2447-sexies of the Italian civil code (if applicable) (libro degli strumenti finanziari emessi ai sensi dell’articolo 2447-sexies c.c.);
9. book of the auditor or auditing firm appointed in accordance to article 2409-ter of the Italian civil code (libro del revisore o della società incaricata del controllo contabile ai sensi dell’art. 2409-ter c.c.).

Mandatory Corporate Books for S.r.l. (Article 2478 of the Italian Civil Code):

1. book of quotaholders’ resolutions (libro delle decisioni dei soci);
2. book of directors’ resolutions (libro delle decisioni degli amministratori);
3. book of the board of statutory auditors or the auditor’s resolutions if appointed in accordance to article 2477 of the Italian civil code (libro delle decisioni del collegio sindacale o del revisore nominati ai sensi dell'articolo 2477 c.c.).

Maintaining these records is not only a legal obligation but also a best practice that supports transparency, accountability, and effective corporate governance. By keeping accurate and up-to-date corporate records, company’s interests are safeguarded and compliance with Italian corporate law is ensured.