Voto maggiorato: prime verifiche d’effettività 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’s targets, that are encouraging new listings, rewarding long-term investors’ 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.