The research, moving through a systemic reconstruction and analysis of the ‘Public Share- holder’, offers an innovative approach to a phenomenon that has been so far analysed only through a ‘Company-perspective’. Beginning with the characteristics of the component parts of the notion, the analysis clarifies how and why a Public Administration is capable of assum- ing the role of Shareholder in companies and related consequences. The relations involved, once reorganised within the dynamic of ownership and organisation, allow to comprehend the peculiar aspects of a notion that, despite having a clear juridical content and therefore lend itself to different meanings, has been improperly neglected. This approach enables to perceive the issues related to Public-owned Companies in a more comprehensive logic, able to offer satisfactory answers to controversial legal problems.
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