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FILTRI ATTIVI
Sommario: 1. La vicenda, lo svolgimento del processo e l’inquadramento della specifica fattispecie trasformativa esaminata. – 2. La natura della trasformazione di società di capitali in comunione d’azienda e le implicazioni applicative. – 3. Il principio di continuità oggettiva. – 4. Il fallimento della società cancellata per intervenuta trasformazione. – 5. Il rapporto tra opposizione alla trasformazione e fallimento.
Gli “adeguati assetti” organizzativi: tra impresa, azienda e società (Appunti per uno studio).
Abstract: The essay is focused on the adequate organizational assets provided for by art. 2086 of the Civil Code from both a historical and a systematic perspective, with an investigation of the legal statements. The investigation tries to connect the organizational assets to the notion of enterprise and, in particular, to its economicity, testing a coherent development with the notion of business entity and, therefore, with corporation.
Sommario: 1. Introduzione. – 2. Gli “assetti” dal Testo unico dell’intermediazione finanziaria all’art. 2381 c.c. – 3. Gli “assetti” dell’art. 2086, 2° comma, c.c. – 4. Gli “assetti” nella giurisprudenza: qualche arresto ed una sensazione conclusiva.
Keywords: adequate organizational assets — historical and a systematic perspective — notion of enterprise — economicity.
Stato di insolvenza e gestione delle società di capitali in liquidazione
Sommario: 1. Premessa. – 2. Stato di insolvenza e attività produttiva. – 3. Segue. Gestione conservativa in fase di liquidazione e insolvenza delle società di capitali. – 4. Insolvenza di società in liquidazione e interessi tutelati.
La nuova società quotata: quali prospettive?
Abstract: The Author examines the evolution of the listed company in the Italian and in the European rules, with some comparative insights. He analyzes the transition from the shareholder value theory to the Corporate Social Responsibility doctrine, also focusing on the protection of stakeholders’ interests and on the developments in the field of ESG (Environmental Social and Governance) factors. The Author underlines the evolution of the positions expressed by some institutional investors and by the Business Community, paying attention to the most significant innovations in some European States’ legal framework (in particular Great Britain and France), adopted in a long-term perspective, and taking into account the interests of the stakeholders. The analysis is placed in the context of the open international debate, where the doctrine is divided between strongly negative positions on the one hand, and more cautious and optimistic opinions on the other hand. The Author underlines the open issues, and in particular the difficulties in searching for a balance point between profit and sustainability. With reference to the Italian legal system and to the European law, he concludes with the hope for a careful evaluation of the implementation of soft law and for the concrete implementation of the rules already in force in other legal systems, rather than for regulatory interventions.
Sommario: 1. Il quadro generale: riflessioni preliminari. – 2. L’evoluzione dell’interesse sociale: dal contrattualismo al neoistituzionalismo? Il dibattito italiano. – 3. L’interesse dell’impresa: spunti normativi. – 4. Le dichiarazioni non finanziarie (DNF): gli interessi degli stakeholder. – 5. Il quadro europeo. La Direttiva Shareholders’ Rights II: prospettive long term e fattori ambientali, sociali e di governance. – 6. L’attuazione della Direttiva SHRD II in Italia. – 7. Gli interessi degli stakeholder. Spunti comparatistici: Stati Uniti, Gran Bretagna, Francia, Belgio. – 8. Imprese e management: the Business Round Table. – 9. Gli investitori istituzionali: mutamenti di prospettiva? Un caso: la Black List di Black Rock. – 10. Modelli autonomi. Le società benefit. La proposta della Banca Mondiale: the Human Centered Business Model. – 11. Le operazioni con parti correlate e la politica di remunerazione: le modifiche al Regolamento Emittenti. – 12. Il nuovo Codice di Corporate Governance. – 13. Segue. Gli interessi degli stakeholder. – 14. L’Europa e i fattori ESG: ultimi sviluppi. La proposta di Direttiva del Parlamento europeo del 10 marzo 2021. – 15. Problemi aperti: sostenibilità e profitto; il punto di equilibrio. – 16. Quali prospettive?
Keywords: Stakeholders’ Interests — Long Termism — Environmental Social and Governance (ESG) — Non Financial Statements — Institutional investors — Business Community — Corporate Governance Codes — Companies Act — Loi Pacte — EU Directives.
Locazione finanziaria e rapporti pendenti
Abstract: This work provides a historical overview of Italian law with regards to Finance lease as executory contract in Bankruptcy.
Sommario: 1. Premessa. – 2. L’evoluzione normativa. – 3. L’operazione di locazione finanziaria. – 4. Struttura dell’operazione e pendenza del rapporto. – 5. L’apertura della procedura concorsuale a carico del concedente. – 6. L’apertura della procedura concorsuale a carico dell’utilizzatore: la sospensione. – 7. (segue): la continuazione. – 8. (segue): lo scioglimento.
Keywords: Bankruptcy — Executory Contracts — Finance lease.
Abstract: The article firstly aims at analyzing the recent legal and practical developments in the field of corporate social responsibility, having particular regard to the related impacts on the role of companies’ directors and corporate governance structures in general. The above overview covers the main progress in the matters of diversity, disclosure of non-financial information, as well as the recent Business Round Table Statement on the Purpose of the Company and the new Italian Code of Conduct for listed companies, approved by Borsa Italiana in January 2020. Further to the examination of those CSR rules with immediate impact on the functioning and organization of the companies, the article would try to outline the most significant changes that a “socially responsible behaviour” could produce on shareholders’ interests, directors’ role and duties as well as on both the stakeholders’ position and the claims to be potentially raised by the same against the companies’ directors.
Sommario: 1. Premessa. Cenni sull’evoluzione del quadro normativo in tema di corporate social responsibility: dalla volontà all’obbligo di comportarsi in modo socialmente responsabile. – 1.1. (Segue). Governo dell’impresa e corporate social responsibility. Ruolo centrale degli amministratori, posizione dei soci e alterazione dei tradizionali equilibri di potere. Condizione nevralgica degli stakeholders. – 2. Piano dell’indagine e prime considerazioni. Oggetto e soggetti della corporate social responsibility. Valenza in termini di “prevenzione” e (adeguata) “organizzazione” dei precetti di responsabilità sociale d’impresa: verso un nuovo diritto societario della corporate social responsibility? – 3. “Forme” di corporate social responsibility. La diversity come principio guida nella composizione dell’organo amministrativo. Effetti intrinseci ed estrinseci della responsabilità sociale d’impresa. Evoluzione delle norme e delle best practices in tema. – 4. (Segue). Dichiarazione non finanziaria e impatto sulla corporate governance. Ancora, effetti intrinseci ed estrinseci della responsabilità sociale d’impresa e conferme della sua valenza in termini di “prevenzione” e (adeguata) “organizzazione”. Prospettive di riforma della disciplina. – 5. (Segue). Dal nuovo Statement on the Purpose of a Corporation della Business Round Table, dell’agosto 2019, all’ultima versione del Codice di Corporate Governance delle società quotate, varata nel gennaio 2020. Il prisma del “successo sostenibile”. – 6. Responsabilità sociale d’impresa, corporate governance e ruolo degli amministratori: attribuzioni e oneri organizzativi. Assetti, regole e processi adeguati, nella prospettiva del “successo sostenibile”. – 6.1. (Segue). Possibili ricadute in termini di eventuale responsabilità dell’organo gestorio nei confronti degli stakeholders. Una premessa terminologica e concettuale. Il significato del lemma “responsabilità” nella disciplina della responsabilità sociale d’impresa. – 6.2. (Segue). Azioni contrattuali: “«potere» di gestione dell’impresa” vs. “doveri di protezione”. Azioni extracontrattuali. Notazioni sulla nuova class action. – 6.3. (Segue). La revoca per giusta causa in ipotesi di mancato o insufficiente perseguimento dell’obiettivo del “successo sostenibile”. Discrezionalità amministrativa, razionalità delle scelte e valutazione del risultato complessivo della “gestione sostenibile”. – 7. Una postilla sulla pandemia da Covid-19 e sul futuro della responsabilità sociale d’impresa.
Keywords: Corporate social responsibility — corporate governance — disclosure — directors — stakeholders — class action.
Abstract: Between 2015 and 2016 the cooperative banking system, that is a substantial part of the banking activity carried out in Italy, underwent an important transformation through the promulgation of the Legislative Decree no. 3 of January 24, 2015 (converted into law by Law no. 33 of March 24, 2015) relating to the Popular Banks and through the Legislative Decree no. 18 of February 14, 2016, (converted into law by Law no. 49 of April 8, 2016) relating to Cooperative Credit Banks. In particular, with reference to the reform of the Popular Banks, other than the size limit exceeded which the ‘Banca Popolare’ structure can no longer be used, what has provoked discussion the most is the rule providing for the possibility to limit the right to withhold reimbursement of the shares in the event of withdrawal, also by way of derogation from the law, if this is necessary to ensure the inclusion of the shares in the Tier 1 regulatory capital of the bank: the Board of Directors, responsible for the strategic supervision activity, has to evaluates this option taking into account the prudential situation of the bank. A very long and very complex dispute, which came to an end, or rather – as explained in the article – which did not end with the judgments of the Court of Justice 686/2018 of 07/16/2020 and of the Council of State no. 4169 of 31.05.2021, has arisen from the reform of the Popular Banks. Beyond the judicial news headlines, what emerges from what we could call – quoting Jhering – a “fight for the right”, is that, on the one hand, whenever the legislator intervenes by sacrificing the rights of individuals for the benefit of the community, it is almost given that the highest national or European courts (Constitutional Court or Court of Justice) are called to balance the opposing interests, ending however by degrading those subjective rights to a sort of ‘legitimate interests’. On the other hand, from a commercial law point of view, it seems clear that the shareholders’ right of withdrawal as provided for in joint-stock companies provisions by article 2437 of the Italian Civil Code, in the context of banking law undergoes a substantial change as regards the conditions under which the right may be exercised and, therefore, also the role of the shareholders in these banks will probably change having no longer the same exit right than the shareholders of other commercial companies and of other banks have. Again, from this courts case clearly emerges the leading role of the discipline of banking crises and resolution tools in guiding both the legislator and the judge: the need to promptly implement any recapitalization needs and therefore facilitating access to new capital on the market is repeatedly reiterated by the courts to legitimize the reform of the Popular Banks (the usual fil rouge of ensuring the stability of the banking and financial system in order to avoid systemic risk). Finally, and this is the following that can be glimpsed in the ruling of the Council of State in question, the change in the discussion from the legitimacy of the legislation to the responsibility of the directors and the analysis of the prudential situation of the bank, that they are called to do to legitimize the limits to the reimbursement of shares, seems peculiars considered that all the banking management regulations are based on sound and prudent management and therefore on the so-called risk-based approach: what autonomy and freedom of choice can the directors have in general and in particular in the decision to limit the reimbursement of the shares?
Sommario: 1. Premessa: i temi emersi. – 2. Lo sviluppo processuale. - 3. La sentenza della Corte di Giustizia: il limite agli 8 miliardi di attivo. – 4. Segue: il limite al rimborso delle azioni. – 5. Segue: una possibile critica. – 6. La sentenza del Consiglio di Stato: il limite degli 8 miliardi di attivo. – 7. Segue: i limiti al diritto di rimborso delle azioni in caso di recesso. - 8. Segue: alcune considerazioni sulla responsabilità degli amministratori e sul diritto delle crisi bancarie.
Keywords: Banks — Cooperative banks — Italian bank system — Director’s liability — Shareholders’ rights — Human rights — Bank’s crisis.
Il conferimento di criptovalute nelle società di capitali: considerazioni su un quadro in evoluzione
Abstract: The case of cryptocurrencies’ contribution carried out by the partners of a corporation allows to undertake a research on the increasing interactions between commercial and civil law and the Distributed Ledger Technologies, which are essential for the usage and sharing of virtual currencies. Together with the study relating to different legal and functional cryptocurrencies’ classifications, the issue of their regulation arises. Hence, this shifts the attention of the legal researcher on the difficult balance between worldwide demands of (de)regulation, coming from market players, and the need of protection of the legal system and, as a last resort, of the national sovereignty itself.
Sommario: 1. Introduzione. – 2. Un caso giurisprudenziale. – 2.1. Il Tribunale di Brescia nel 2018: non è ammissibile il conferimento di quella specifica criptovaluta. – 2.2. Il successivo decreto della Corte d’appello di Brescia: non è ammissibile il conferimento di criptovaluta in generale. – 3. Criptovalute e regulation. – 3.1. La proposta di Regolamento relativo ai mercati dei crypto-assets. – 4. La criptovaluta come “moneta” (denaro, valuta estera, strumento di pagamento). – 5. La criptovaluta come forma di investimento (strumento finanziario “tipico” o prodotto finanziario “atipico”). – 6. L’attenzione prestata ai creditori sociali dai giudici di Brescia. Il tema della espropriabilità. – 7. Il conferimento in criptovalute come avente ad oggetto diritti di credito. – 8. Criptovalute e blockchain: impieghi nel diritto societario e tutela creditoria. – 9. Conclusioni.
Keywords: cryptocurrencies — cash/non-cash contribution — share capital — crypto-assets — money — blockchain.
Corporate governance e diversità di genere. Equilibri in divenire
Abstract: The path leading to gender equality is undoubtedly a slow and though one. By recalling and pointing out some of the most hateful prejudices that accompanied it, that often had even fed the idea of a woman’s mental inferiority, the essay points out the progress made in terms of equal opportunities since the middle of the last century and indicates the needs of a path certainly still unfinished and in continuous evolution. This path winds through different themes, not only the work-related ones, that converge in a unitary perspective embracing the rules that have imposed, in our like in other legal systems, gender balance in corporate governance. The work therefore takes into account, also in a comparative perspective, the positive results that can be noticed in the practical application of the rules that have imposed a gender balance in the administrative and control bodies of listed companies and State-owned companies; a positive outcome both in terms of efficiency of the company and in terms of response to the social needs stated by our Constitution. The analysis of the rules stated by Law no. 120/2011 (so-called Golfo-Mosca law) and its subsequent and even recent amendments develops both in relation to the details of the discipline and to the principles of corporate governance and gender diversity in listed companies and in State-owned companies, whose disciplines are currently partly different. The unjustified differences in discipline determined by recent legislative interventions, together with the need to comply with the principles set by the Corporate governance code for listed companies, are at the basis of the Authors’ proposals, on the one hand, for new rules, especially for State-owned companies, and, on the other hand, in a larger perspective, for new legislative actions aimed at promoting gender equality within the company organization also in companies that are not currently subject to gender quotas rules.
Sommario: 1. Dal “disvalore” della diversità agli obiettivi di democrazia paritaria. – 2. Riequilibrio di genere ed efficienza dell’impresa. I riscontri positivi e le indicazioni provenienti dai bilanci di genere. – 3. La legge Golfo-Mosca e i successivi provvedimenti. – 3.1. La legge Golfo-Mosca e le successive modifiche nel quadro delle azioni positive. – 3.2. La temporaneità delle regole sull’equilibrio di genere. – 4. Corporate governance e diversità di genere nelle società quotate. – 4.1. Equilibrio di genere, Codice di Autodisciplina e principio di parità nell’organizzazione aziendale. – 5. Corporate governance e diversità di genere nelle società a controllo pubblico. Evoluzione della disciplina. – 5.1. Dal difficile coordinamento del TUSPP con la l. n. 120/2011… – 5.2. ….alle difficoltà interpretative generate dalle recenti Modifiche al Codice delle pari opportunità. Gli organi di controllo e l’equilibrio “dimenticato”. – 5.3. Le incongruenze dell’attuale impianto sanzionatorio. Equilibri in divenire.
Keywords: Listed companies — Corporate governance — Gender diversity.
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