The paper studies the possible relation between corporate governance and the performance of some Italian local public utilities listed on the Milan’s Stock Exchange. The sample, more deeply, consists of those firms which have continually been listed between January 1 2001 and January 1 2006. In the paper, the proxy variables for corporate governance mainly derive from some rules depicted in the second version of the Preda Code; for what concerns performance, the trends of sales, operational results, net income, roi, roe and ros are used as proxy variables. The paper is articulated as follows: at first, the mainstream literature concerning corporate governance is outlined. The main issues of the Italian local public services are then shown. The empirical analysis and the discussion of the main results finally follow.