Tiscali 2001 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2001 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 174

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174

43
Report on Operating Performance
Tiscali) and the main listing sponsorsfor damages, complaining in particular of the
inaccuracy of some information provided in the placement prospectus, and of public
statements made by the Company and its chairman at the time. Similar proceedings were
launched by another Dutch foundation, Stichting Van der Goen, in August 2001.
In December 2000, Jean Philippe Illiesco de Grimaldi and Illiesco de Grimaldi & Co initiated
legal proceedings against World Online Ltd, a British Company of the World Online Group.
The plaintiffs complain they were prevented from exercising a purchase option on World
Online Ltd capital, and demand damages of over EUR 17.4mn for loss of the profit they
could have made from reselling the shares.
In December 2000, Globetrans Ltd and Interglobetrans Ltd began legal proceedings
against World Online International NV. The plaintiffs — both controlled by Jean Philippe
Illiesco de Grimaldi — assert their right to a 1% commission on the total sum paid by
Tiscali for the purchase of World Online International NV, since they put the Company's
management in contact with Tiscali. The total value of the litigation is about EUR 69mn.
Corporate Governance
Introduction
The Voluntary Self-Regulatory Code Of Listed Companies, prepared by the Committee for
Corporate Governance of Listed Companies, sets out a model of Company organisation
aimed at ensuring the correct management of risks and potential conflicts of interest
which might arise between directors and shareholders and between majority and minority
Groups.
The Self-Regulatory Code thus represents a model of best practice. Its adoption is
voluntary and not mandatory: Companies are free to adapt its recommendations to meet
the requirements of their specific organisation and Company set-up.
Tiscali's Board of Directors has examined the Self-Regulatory Code and has accepted most
of its recommendations, re-organising in consequence its system of Company management.
In order to guarantee correct information on the Company, and pursuant to the indications
of Borsa Italiana SpA, the results of this comparison are provided below, together with
details on the system of corporate governance adopted by Tiscali SpA.