Troubled Italian dairy giant Parmalat has agreed a deal with the US Securities and Exchange Commission that includes an overhaul of the company’s corporate governance.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The scandal-hit company will have to implement a new corporate governance strategy in order to adhere to, and in some cases go beyond, US business rules, reported the Financial Times.
The deal was part of a settlement with the SEC over charges of defrauding US investors. Parmalat agreed to a settlement without admitting or denying any wrongdoing in the case, which relates to a massive accounting scandal that has resulted in fraud charges in Italy against several of its former executives.
