"Corporate governance", apertura della compagine sociale e soluzione delle controversie

Corporate law has undergone major changes in many countries, and in many others it is currently under revision; this is leading to a convergence of what used to be thought of as alternative systems toward an emerging international standard. I discuss some questions specifically relating to the settlement of disputes, which need to be addressed by the Italian legislator. As for companies traded on Stock Exchange, I argue the role of the Securities Commission needs to be revised, because the current system, giving great latitude to "administrative courts" in dismantling measures and regulations issued by the commission both shows serious inefficiencies and leads to a great uncertainty about the applicable law. Close corporations are going to face different problems if the company law reform bills (substantially deregulating such companies) currently under scrutiny in the Italian Parliament will be approved. The reform bills will lead Courts to rebalance their activity from "ex ante" legitimacy control on articles of association to "ex post" dispute settlement, and also to apply a partially different of general principles. I argue substantial adjustments in the judicial system, and a long time, are needed to put the reform into practice.