ظهرت الأسهم الذهبية أول مرة في بداية الثمانينيات من القرن المنصرم في برنامج الخصخصة البريطانية, و كان هدفها الرئيس - و ما زال - حماية المصالح الإستراتيجية للدولة في الشركات العامة التي تجري خصخصتها من الوقوع في أيادٍ أجنبية أو محلية غير مرغوب فيها، و نظراً إلى فائدتها العملية فقد انتقلت هذه التقنية القانونية إلى برنامج الخصخصة الفرنسي، و منه إلى العديد من تشريعات الخصخصة العالمية و العربية إلا أن هذه الأسهم قد تعرضت مؤخراً لتهديد وجودها القانوني من خلال أحكام محكمة العدل الأوربية التي قضت بإلغاء العديد من هذه الأسهم في أكثر من
دولة بحجة خرقها لمعاهدة الاتحاد الأوربي و لاسيما النصوص المتعلقة بحرية انتقال رؤوس الأموال و حرية تأسيس الشركات.
و على ذلك، ناقش هذا البحث مفهوم السهم الذهبي و إطاره القانوني، و من ثم عرض أحكام محكمة العدل الأوربية، و حلَّلها وصولاً إلى المعايير التي وضعتها للسهم الذهبي المباح قانوناً على الصعيد الأوربي.
Golden shares emerged in the beginning of 1980s in Great Britain, the main objective of golden shares was and remains the protection of a State's strategic interests in the privatized public companies from falling into the undesirable hands of foreign or domestic, and due to the practical usefulness this legal technical has moved to the French privatization program, and from it to many of the
privatization's legislation in the world but legal existence of these shares have been recent threatened by the judgment of the European Court of Justice which ruled to cancel many of these shares in more than one country under the pretext of violation
of the Treaty on European Union and in particular the provisions relating to the free movement of capital and freedom of establishment of companies.
Therefore, we will discuss in this research the concept of Golden share and its legal framework, and then consides the judgments of the European Court of Justice, and analyze then up to the standards set by to the permissible golden share at the European level.
References used
د. أحمد ماهر، دليل المدير في الخصخصة، الدار الجامعية، الإسكندرية، 2002
د. مروان محي الدين القطب، طرق خصخصة المرافق العامة ( دراسة مقارنة )، منشورات . الحلبي الحقوقية، بيروت، لبنان، الطبعة الأولى، 2009
Akinjide, Abayomi, Golden shares in privatisations:all that glitters is not gold stranger Saul , may 1999
(Backer, Larry Catá, The Private Law of Public Law: Public Authorities as Shareholders, Golden Shares, Sovereign Wealth Funds, and the Public Law Element in Private Choice of Law, 82 Tulane Law Review – (forthcoming 2008
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