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.

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.