The 2016 Italian Consolidated Law on Public Entities Owned Companies: Towards a More Consistent Private Law Approach

This article aims to analyze the model of company emerging from the new Italian consolidated law on public entities owned companies of 2016, coming to the conclusion that, especially given the principles of the legislative delegation and the European Union law requirements, such companies are characterized as fully for profit and private. Public interest represents therefore an external interest, which is secondary to the common economic interest of the shareholders. In this understanding, norms apparently bearing a ‘public law mark’ can be understood in light of a correct perception of the notion of ‘pursuit of profit’ and of the principal agency theory, elaborated by the economic analysis of law.