There is no possibility of converting a void arbitration clause from an intra-corporate arbitration clause to a common law arbitration clause, since Article 34 of Legislative Decree 5/2003 aims to ensure impartiality of decision through the independence of the appointing authority, responding to a principle of public policy.
Article 34 of Legislative Decree 5/2003 applies also to informal arbitration (arbitrato irrituale - a simplified form of arbitration producing contractual rather than judicial awards), considering both the attenuation of the distinction between informal and formal arbitration emerging from recent legislative developments, and the specific reference to informal arbitration contained in Article 35(5) of Legislative Decree 5/2003.
Statutory arbitration clauses referring to disputes "between shareholders or between shareholders and the company" do not apply to disputes regarding directors' liability, which concern conduct performed by the individual not in their capacity as shareholder but as director.