Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

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.

Summary: 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.