CORPORATE | Court of Bologna on the voidability of board resolutions prejudicing minority shareholders

On 19 November 2025, the Court of Bologna issued a judgment ruling on the voidability of board resolutions for abuse of majority power as well as for breach of the duties of good faith and fairness, where the transaction approved is aimed at prejudicing the minority shareholders’ control rights.

In the specific case addressed, the Court stated that a resolution adopted by the board of directors of a holding company whereby – without the knowledge of the minority shareholders – the entire controlling interest in the operating company (the group’s main asset) was contributed to a newly incorporated sub-holding was voidable. Indeed, such resolution was found to be designed to shift key decisions-making powers concerning the management of the operating company to the board of directors of the new sub-holding, in which the minority shareholders held no interest. As a result, the resolution effectively weakened, if not entirely deprived, the minority shareholders of their control rights, including the ability to monitor the directors’ conduct.

Newsletter n. 117 – April 2026