Citizens as active stakeholders in corporate governance

This chapter will examine whether subjects who are outside of the enterprise but who bear interests potentially harmed by the enterprise’s activity – like citizens – can intervene to protect supra-individual prerogatives in the organization and activity of profit-making companies. In particular, the possible role of such ‘active’ stakeholders in corporate governance will be explored on the basis of admissible statutory clauses or through spontaneous openings of the directors within the scope of managerial discretion. The analysis will focus on the hypothesis of joint-stock company under Italian Law – ‘Società per azioni’ (S.p.a.) – as a case study of possible European relevance.