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Corporate affiliation: the notion must be interpreted broadly.
- 08/05/2017
According to art. 2359, paragraph 3, cc, companies are considerated affiliated to another company when the latter exerts a significant influence unpon the former. There is a presumption of influence in the event that at least one fifth of the votes may be exercised at the ordinary meeting or a tenth if the company is listed on the regulated markets.
By judgment no. 10726 of 3 May 2017, the Supreme Court has provided an extensive interpretation of the provision in question, stating that "The notion of connection referred to in art. 2359 c.c. Is very broad and is based on the existence of a single fact, that is, the remarkable influence of each other, regardless of how it manifests itself. Consequently, it is also possible to make a connection by a company through the control of the right of a company in turn legally connected to another, so that it can give rise to significant influence between the first and the last company”.
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