The aim of these rules is to counter excessive risk-taking, the pursuit of short-term gain and opacity in compensation. They emphasize disclosure and the control function of the board of directors and the shareholders. Above all, they extend regulatory jurisdiction to the sphere of executive compensation. A first check on their application is scheduled for March 2010.
In March 2008 the Bank of Italy introduced principles and implementation guidelines on this matter that apply to all banks, thus in part anticipating international developments. Yesterday additional criteria for application were notified to all intermediaries.