Abstract

The role of institutional investors with respect to the governance of listed companies is one of the main topics in the international debate on corporate governance. Despite several actions taken by legislative bodies and regulatory authorities aimed at promoting shareholders initiatives, one can observe, especially in our Country, a scarce willingness of institutional investors to perform an effective monitoring function on the management and to influence the company's governance. The aim of this paper is to demonstrate that the presence of foundations of banking origin in the banks they have a stake in, not anymore in their position as parent entities, but as long term investors, in compliance with the rules that regulate the activity of those entities, performed a positive function, particularly during the financial crisis, both in terms of preserving the stability and of supporting a sustainable growth in the long term.