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Note: Older EBF articles are not currently online. I'm not sure if this is temporary or permanent. If you click you will be taken to the Archive.org site to find an archived copy.

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This is an edited version of a new case study written primarily for classroom discussion. In this shortened form, supplemented by a commentary on the corporate governance implications by Matthew Allen, it provides insights for EBF readers into - among other things - financial engineering as a means of supporting the share price, the reporting of financial exposure, and the need for independent audit oversight to protect shareholders. The case won the European Case Clearing House/ Business WeekEuropean Case Award 2004 in the Finance, Accounting and Control category.

CEO J.T. Battenberg III was determined his directors be not just independent, but engaged.

Note: Older EBF articles are not currently online. I'm not sure if this is temporary or permanent. If you click you will be taken to the Archive.org site to find an archived copy.

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The Italian giant Parmalat imploded during a financial crisis, resulting in a police investigation, a suicide, a series of arrests and shockwaves throughout the international financial community. The role of corporate governance, auditors and the regulators all came under scrutiny. This is an excerpt from a full case study on the company available from the European Case Clearing House.