Newsalert - The Italian Court of Auditors addressed the notion of state-owned companies pursuant to Legislative Decree No. 175/2016 and its uncertain boundaries

The Italian Court of Auditors, with the “Resolution No. 11/2019”, addressed the notion of state-owned companies pursuant to the TUSP, stating on the following matter: “whether or not companies with a public majority held by one or more public entities, each holding less than 50% of the shares, are to be considered as state-owned companies”. Despite the recent resolutions, it appears that the boundaries of the notion of state-owned companies pursuant to the TUSP, as well as the related responsibilities of the corporate bodies and public shareholders, remain uncertain.

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