The survey regards 87 companies in which at least one-third of the share capital is owned by the 115 leading Italian local entities. These companies generated revenues of €33.4bn in 2015, employing approx. 149,300 staff. The report examines the main earnings and financial trends shown by these companies in the 2011-15 period, with breakdowns by sector and geography as well. There is indepth analysis on the issue of relations with the local entity shareholders, both in terms of the transfers which they guarantee by way of payments and subsidies, and of the complex relations between creditors and debtors. Specific sections of analysis are devoted to the stock market trends shown by the listed companies, and the number of appointments (and the related emoluments) which the local entities make to the governing bodies of the investee companies.