From Golden Share to Golden Power: how do governments control strategic national companies?
Between 1990 and 2016, the stock of foreign direct investment globally increased tenfold, from USD 2,254 billion to USD 26,160 billion, with the United States leading the list of investing countries (followed by Germany and China). Many governments have adopted control mechanisms not only on the acquisition of national companies in strategic sectors (such as defence, energy, transport, health, communications) but also, after Russia's aggression against Ukraine, on the procurement of critical raw materials and industrial products.
The European Union has encouraged member States to adopt or strengthen control mechanisms: 25 out of 27 are doing so. Italy has regulated the matter of special powers in 2012, updating it several times (the last in 2022). The EU calls now offer an opportunity to redefine a highly layered regulatory framework that can create uncertainty for investors.