LA RAZIONALIZZAZIONE DELLE PARTECIPAZIONI PUBBLICHE: QUESTIONI CONTROVERSE E POSSIBILI SOLUZIONI INTERPRETATIVE

Once the regulatory framework on the rationalization of public shareholdings has been outlined, the article aims to analyze the significant interpretative and applicative issues raised by this legislation, identifying, where possible, systematically consistent solutions. Reference is made, first of all, to the complex relationship between the disposal of shareholdings autonomously carried out by the public entity and the compulsory divestment procedure governed by Article 24, paragraph 5, t.u.s.p.: the timing and potential overlap of the two procedures give rise not only to considerable practical challenges, but also to important theoretical questions regarding the continuing status of the public entity as shareholder, the suspension of shareholders’ rights, and, more broadly, the legal characterization of this situation and its relationship with the institution of withdrawal. Further interpretative issues also emerge with respect to the role of corporate bodies and of the public shareholder in the implementation of the compulsory divestment procedure. Finally, as a more general observation, it must be noted that the legislation shows little concern for a genuine and meaningful effort to rationalize public shareholding beyond a logic of mere divestment.