The EU’s Corporate Sustainability Due Diligence Directive: An Excessively Diligent Proposal

The recently-proposed Corporate Sustainability Due Diligence Directive (the ‘Proposal’) introduces environmental and human rights due diligence duties applicable to companies and their directors along the entire value chain. We argue that the Proposal is not well-calibrated in its content and effects and that the European Parliament and the Council should postpone the introduction of its many provisions on supervision, sanctions, enforcement, and liability. The paper analyses the Proposal’s critical point

L’organizzazione degli enti del Terzo settore tra codice civile, leggi speciali e autonomia privata

Il contributo analizza le interazioni di disciplina che caratterizzano il sistema delle fonti del terzo settore, soffermandosi su quella tra le regole sull'organizzazione di associazioni e fondazioni del codice del terzo settore e le disposizioni del codice civile, che assume carattere principale nella governance delle associazioni e fondazioni ET

Voto maggiorato: prime verifiche d\u2019effettivit\ue0 e prospettive di riforma

Five years after the introduction of the loyalty shares into the national legislation, the paper checks the effectiveness of this legal arrangement in order to verify the achievement of legislator\u2019s targets, that are encouraging new listings, rewarding long-term investors\u2019 loyalty and recovering competitiveness regarding the concurrent legal systems. Under this assessment, the Author also ponders the attainment of other non-explicit policy purposes, especially the well-founded concerns that has been provided a new tool to help our entrepreneurs in shielding their controlling stakes in Italian listed companies. Finally, some legislative amendments are proposed with regard to the current configuration of loyalty shares in order to give a positive signal on behalf of institutional investors

Le procedure di composizione della crisi da sovraindebitamento

This paper addresses the crisis of over-indebtedness by outlining the current framework and outlook and stressing its importance, in particular with reference to the discharge of the debtor, in terms of limitation of liability and separation of assets. The main issues \u2013 preconditions, regulatory gaps, and worthiness \u2013 raised by the three procedures of over-indebtedness are also described by providing an account of the upcoming novelties introduced by the Corporate Crisis and Insolvency Code, in force from the next summe

Le imprese e l’equivoco ABF

On average, 70% of the claims brought by undertakings before the Banking and Financial Arbitrator (‘ABF’) is unsuccessful. Moving from this observation, we analyse the admissible claims that were successful on their merit, as well as the ABF’s decisions on them, to identify their main features. Our analysis seeks to shed light on the most conflicting aspects of the relations between undertakings and banks and, most importantly, to clarify how the ABF reaches a decision and why it dismisses appeals at such high rates. Ultimately, we contribute to the academic literature on the topic by identifying what it takes for an appeal before the ABF to be successful. Our analysis also provides some helpful indications that prospective claimants before the ABF can consider when drafting and submitting their claims

Prime considerazioni a margine del progetto di riforma \uabRordorf\ubb delle crisi d\u2019impresa e dell\u2019insolvenza

The paper aims to investigate the innovative rules introduced by the bill on \u201csystematic reform of the framework concerning companies in distress and bankruptcy law regime\u201d approved by the Italian Government on 10 February 2016 and based on the final draft of the Rordorf Committee, which offers food for thought on the choices made and on the further measures to be taken by the upcoming bankruptcy reform. The authors hope that the reform will fully acknowledge the centrality of corporate entities, identify the possible rules concerning non-corporate entities-entrepreneurs and regulate the crises affecting assigned assets

Orizzonte temporale e corporate governance sostenibile tra iniziative europee e autodisciplina interna.

Il contributo riferisce dei contenuti del dibattito sulla Corporate governance nello scenario statunitense e dei principali elementi sui quali in quell’ambito si basano le teorie dello short-termism, che il Rapporto 2020 Ernst & Young per la Commissione europea sui doveri degli amministratori fa in sostanza proprie. Analizza poi il loro rilievo con riguardo alle società europee, focalizzandosi in particolare sul mercato italiano. Esamina inoltre alcuni fattori che secondo il Rapporto sono alla base di un orizzonte temporale insufficiente e i rimedi proposti. Formula alcune osservazioni conclusive sulle posizioni assunte dal Rapporto e sulle possibili iniziative della Commissione. Accenna infine al diritto societario italiano con una particolare attenzione alle soluzioni di auto-disciplina