4.5.1 Introduction

In the underlying section the eight key questions are answered for Italy. Italy is part of the research sample since, within Europe or even worldwide, the Italian corporate governance system is considered underdeveloped and, besides that, Italy has a history of corporate scandals. The research below on the application of the comply or explain principle in Italy, also compared to the other countries, might present a different image or reveal some very country-specific characteristics. Italy is also included in the research sample due to its judicial corporate governance arrangement (see chapter 3), which is variable, diffuse and hard to fathom as discussed further under section 4.5.4.