Paul Lachine

Politica e contributi delle aziende

CAMBRIDGE – Una recente decisione della Corte Suprema degli Stati Uniti ha espanso la libertà delle società di spendere denaro per finanziare politici e campagne elettorali – una libertà riconosciuta alle società in altri Paesi del mondo. Questo solleva i soliti dibattiti su democrazia e potere privato, ma un altro aspetto importante della questione è spesso ignorato: chi dovrebbe decidere in una società quotata se, quanto e con che fini spendere soldi in politica ?

Per il diritto societario tradizionale, le decisioni di indirizzo politico delle società quotate sono soggette alle stesse regole delle decisioni aziendali ordinarie. Queste decisioni possono quindi essere prese senza in coinvolgimento diretto degli azionisti ordinari o direttori indipendenti, e senza un rendiconto dettagliato – tutele che il diritto societario riconosce a seguito di altre decisioni aziendali, come quelle che riguardano i compensi dei managers e le operazioni con parti correlate.

In un recente articolo, comunque, Robert Jackson e io notiamo che le decisioni di indirizzo politico sono fondamentalmente differenti dalle ordinarie decisioni aziendali. Gli interessi di direttori, manager, ed azionisti di maggioranza rispetto a queste decisioni possono spesso divergere significativamente da quelli dei piccoli azionisti.

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