Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: In the last few years we can register an increasing awareness of the need to adopt important changes in the ways we live and therefore in the ways we “use” our planet. Changes that must pursue the goal of sustainability and that must necessarily involve corporate governance rules. In this perspective, the Italian corporate governance code, which the paper analyzes, was recently revised. An analysis that, while recognizing the importance of some of the new recommendations, ends with a negative judgment, for two essential reasons. First of all, because the new recommendations present the typical problem of self-regulatory codes, that is they adopt too vague wordings. The other reason, more conclusive in leading to an overall negative judgment, is the line of continuity with the cultural scheme of shareholder value, which seems to be the most important obstacle to the adoption of sustainability-driven policies.  

Sommario: 1. Premessa. – 2. Il ruolo del diritto dell’impresa. – 3. La sostenibilità quale nuovo orizzonte dell’autodisciplina societaria. – 3.1. Il Codice di Corporate Governance. – 3.2. La nuova versione del Codice di autodisciplina delle società quotate. – 3.3. L’organo amministrativo e il perseguimento del successo sostenibile. – 3.4. I compensi degli amministratori. – 3.5. La diversità nella composizione dell’organo amministrativo. – 4. Alcune considerazioni conclusive.

Keywords: Planet boundaries — Sustainability — Corporate governance — Italian corporate governance code — Shareholder value.