‘Zlatne dionice’ u pravu EU: slučajevi privatizacije javnih poduzeća
‘Golden Shares’ in the EU Law: Privatizations of Public Companies

Summary/Abstract: This article analyzes the free movement of capital in the European Union law, and its importance and potential applicability in Bosnia and Herzegovina before the accession to the EU. After introduction, the article presents the concept, the scope of application and exceptions from application of the EU legal rules regulating the free movement of capital. After that, the article analyzes the case law of the Court of Justice of the EU, which interpreted those rules in judgments concerning privatizations of public companies and issuing of the so-called ‘golden shares’ by the Member States. This is followed by the discussion of the interaction between the EU law and national legal orders of the countries that are (potential) candidates for accession, especially regarding the EU rules on free movement of capital. First, the provisions of the EU-BiH Stabilization and Association Agreement regulating the free movement of capital are analyzed. Following this, strategic documents regarding the expected privatizations in BiH are assessed. Finally, the discussion is focused on the effects of the SAA and EU law in general during the pre-accession period, and on the potential implications of the EU rules and practices concerning ‘golden shares’ on the announced privatizations of public companies in BiH.

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