The disappearing taboo of multiple voting shares: regulatory responses to the migration of Chrysler-Fiat

This article examines the reform on multiple voting shares enacted by the Italian Government in 2014. It explores the relevant rules in a comparative perspective, considering similar experiences in Europe and the US, and discussing the empirical evidence on the effects of MVSs, especially in listed corporations. It also illustrates some interpretative issues raised by the new Italian rules, and the possible motivations of the Italian legislature in taking this step also vis-à-vis the planned privatization of some large state-owned enterprises.