Governments’ mission-oriented policies can be funneled through the action of state-owned companies. In Italy, after the winding-up of IRI, a state holding entity, the only company that might play a role in organizing long-term industrial policies is Cassa Depositi e Prestiti, a bank owned by the Italian government whose main purpose is the financing of local governments and public projects. In recent years, this bank has also been authorized and encouraged to purchase stakes in non-financial firms. This paper describes the role of Cassa Depositi e Prestiti as a controlling or influential shareholder, shows how it is in a good position to act as a relatively autonomous actor for the implementation of mission-oriented policies, and makes some proposals to ensure that it can effectively exercise that role.
Governance pubblica e privata delle politiche pubbliche per obiettivi: una proposta di riforma della governance della Cassa Depositi e Prestiti
Enriques, Luca
;Mucciarelli, Federico M.
2019
Abstract
Governments’ mission-oriented policies can be funneled through the action of state-owned companies. In Italy, after the winding-up of IRI, a state holding entity, the only company that might play a role in organizing long-term industrial policies is Cassa Depositi e Prestiti, a bank owned by the Italian government whose main purpose is the financing of local governments and public projects. In recent years, this bank has also been authorized and encouraged to purchase stakes in non-financial firms. This paper describes the role of Cassa Depositi e Prestiti as a controlling or influential shareholder, shows how it is in a good position to act as a relatively autonomous actor for the implementation of mission-oriented policies, and makes some proposals to ensure that it can effectively exercise that role.
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