(AGENPARL) – lun 30 maggio 2022 Le opinioni espresse nel
Report sono personali
degli autori e non
impegnano in alcun modo la
CONSOB. Nel citare i
contenuti del rapporto, non è
sulla corporate governance
Italian listed companies has slightly fallen
over time, as shown by the share of the
2020 vs 48.7% in 1998. In line with
main ultimate controlling agent (in 64% o
shareholder in about one in ten
institutional investors in the major
shareholders of Italian listed companies,
although slightly declining compared to
(participating in 50 firms compared to 36
investors (18 companies).
Organi sociali Corporate boards
up of around ten members, show some
and minority members.
The percentage of companies carrying out
the annual self-assessment remains
overall stable, while an increasing number
of firms adopt the succession plan.
Italian listed companies count on average
just over 3 standing members, a stable
directors are aged on average 57 years,
the cases, hold a first
degree in more than 89% of the cases and
have a managerial background in about
66% of the cases. Statutory auditors are
predominantly a consultant/professional
L’evoluzione nel tempo della
degli organi di amministrazione e con-
establishing the nomination committee
and the sustainability committee
t directors and
lf of the cases. The
professional background of committee
whole board, due to a less pronounced
atto in materia di sostenibilità e digita-
appointments), as a result of the rules on
gender quota (Law no. 120/2011 and Law
boards of the 131 companies that have
on average 4 women (almost 44% of the
total members), while in the remaining
marginally lower. In li
the number of cases in which women hold
the role of CEO or chairman of the board
of directors remains limited, while the role
of independent director is more
widespread. Women hold more than one
a figure that is down from the previous
year and the maximum reached in 2019
survey), with an average share of 3.6% o
their votes (21.2% of the share capital
the share capital and 87.7% of AGMs
investors amounted to about 36% of their
Operazioni con parti correlate Related party transactions
670 documenti informativi per operazioni
di maggiore rilevanza con parti correlate
(OPC; 41 documenti nel 2021 e una media
companies
sostenibilità
ESG issues
operazioni
transactions
da azionist
a di riferimento
by major shareholding
presidente / chairman
indipendente / independent
minoranza / minority
interlocker
incarichi
offices
4. Operazioni con parti correlate 108
1. Ownership and control structure 14
Partecipazioni rilevanti degli investitori istituzionali
Major shareholdings of institutional investors
CONSOB
Rapporto 2021 sulla corporate governanc
CONSOB
Report 2021 on corporate governance of Italian listed companies
Italian listed firms by
OWNERSHIP AND CONTROL STRUCTURE
CONSOB
Report 2021 on corporate governance of Italian listed companies
Identità dell’azionista di controllo (
Identità dell’
ultimate controlling agent
Identità dell’
ultimate controlling agent
Investitori istituzionali italiani titolari di partecipazioni rilevanti nelle società quotate
italiane
OWNERSHIP AND CONTROL STRUCTURE
Identity of the ‘ultimate controlling
agent’ (UCA) in Italian listed
Identity of the ‘ultimate controlling
agent’ (UCA) in Italian listed
companies by industry
Identity of the ‘ultimate controlling
agent’ (UCA) in Italian listed
companies by market index
Major institutional investors’ shareh
oldings in Italian listed companies
Major institutional investors’ shareholdings in Italian listed companies
by industry
Major institutional investors’ shareholdings in Italian listed companies
Institutional investors holding major
stakes in Italian listed companies
Italian institutional investors holdin
g major stakes in Italian listed
Foreign institutional investors holdin
g major stakes in Italian listed
Corporate groups in Italian listed companies
Italian listed companies
issuing non-voting shares
Control enhancing mechanisms (CEM
Loyalty shares and multiple voting
shares in Italian listed companies
Active loyalty shares in Italian listed companies
CONSOB
Report 2021 on corporate governance of Italian listed companies
2020
finanziario
financial
industriale
industrial
numero
100.0
capitalizzazione
(azioni ordinarie; milioni di euro)
capitalisation
(ordinary shares; millions of euro)
2,163
2,940
1,328
3,462
totale
486,757
144,079
166,101
176,576
100.0
29.6
34.1
36.3
Ftse Mib Mid Cap Star
other
% total
capitalizzazione
(azioni ordinarie; milioni di euro)
capitalisation
(ordinary shares; millions of euro)
11,527
1,713
7,698
1,253
totale
380,418
63,382
34,276
8,680
78.2
13.0
OWNERSHIP AND CONTROL STRUCTURE
primo azionista
largest shareholder
quota media
average stake
quota media ponderata
altri azionisti rilevanti
other major shareholders
quota media
14.7
17.6
12.2
12.2
12.4
average stake
quota media ponderata
10.0
11.4
10.2
quota media ponderata
partecipazione di controllo
controlling share
quota media
51.7
49.7
49.2
49.0
49.3
average stake
quota media ponderata
35.0
35.7
35.7
30.8
30.6
Tab. 1.3
Identità dell’azionista di controllo (
ultimate controlling agent

% total
% capitalizzazione totale
Stato ed enti locali
number of companies
10.0
10.5
11.1
% capitalizzazione totale
41.7
37.8
39.7
39.3

financial institutions
% capitalizzazione totale
misto
number of companies
8.0
% capitalizzazione totale
6.8
no UCA

no UCA
% total
% capitalizzazione totale
OWNERSHIP AND CONTROL STRUCTURE
Identità dell’azionista di controllo (
ultimate controlling agent
– UCA) delle società quotate italiane per settore di attività
Identity of the ‘ultimate controlling agent’
(UCA) in Italian listed companies by industry
2020
finanziario
financial
industriale
Stato ed enti locali
number of companies
11.1
23.5
% total industry
39.3
36.4
67.5

financial institutions
misto
number of companies
12.2
% total industry
no UCA

no UCA
Tab. 1.5
Identità dell’azionista di controllo (
ultimate controlling agent
– UCA) per indice di mercato
Identity of the ‘ultimate controlling agent’ (U
2020
Ftse Mib Mid Cap Star altro
other

% totale indice
64.0
% total index
% capitalizzazione indice
27.2
Stato ed enti locali
number of companies
% totale indice
11.1
33.3
16.2
% total index
% capitalizzazione indice
39.3
46.5
18.7
11.0

financial institutions
% totale indice
% total index
% capitalizzazione indice
misto
number of companies
% totale indice
% total index
% capitalizzazione indice
no UCA

no UCA
% totale indice
18.7
% total index
% capitalizzazione indice
28.7
OWNERSHIP AND CONTROL STRUCTURE
Tab. 1.6
Partecipazioni rilevanti di investitori
istituzionali nelle soci
istituzionale

at least one
institutional investor
% totale
% total
partecipazione media
mean shareholdings
istituzionale italiano
at least one Italian
institutional investor
number of companies
% totale
18.5
% total
partecipazione media
6.7
mean shareholdings
istituzionale estero

at least one foreign
institutional investor
% totale
% total
partecipazione media
mean shareholdings
2020
finanziario
financial
industriale
istituzionale

at least one
institutional investor
partecipazione media
mean shareholdings
istituzionale italiano
at least one Italian
institutional investor
number of companies
10.2
11.8
% total industry
partecipazione media
mean shareholdings
istituzionale estero

at least one foreign
institutional investor
partecipazione media
mean shareholdings
Partecipazioni rilevanti di invest
itori istituzionali nelle
2020
Ftse Mib Mid Cap Star altro
other
istituzionale

at least one
institutional investor
% totale indice
28.9
% total index
partecipazione media
mean shareholdings
istituzionale italiano
at least one Italian
institutional investor
number of companies
% totale indice
% total index
partecipazione media
mean shareholdings
istituzionale estero

at least one foreign
institutional investor
% totale indice
22.2
% total index
partecipazione media
mean shareholdings
2011
numero partecipazioni
number of stakes
partecipazione media
banche e assicurazioni
numero partecipazioni
number of stakes
partecipazione media
5.3
private equity, venture capital

private equity, venture capital
and sovereign funds
numero partecipazioni
number of stakes
partecipazione media
totale
total
numero partecipazioni
102
number of stakes
partecipazione media
5.7
OWNERSHIP AND CONTROL STRUCTURE
Tab. 1.10
Investitori istituzionali italiani
titolari di partecipazioni rileva
2011
numero partecipazioni
5 5 5 3
number of stakes
partecipazione media
banche e assicurazioni
numero partecipazioni
number of stakes
partecipazione media
5.2
private equity, venture capital

private equity, venture capital
and sovereign funds
numero partecipazioni
8 4 4 7
number of stakes
partecipazione media
totale
total
numero partecipazioni
number of stakes
partecipazione media
5.5
2011
numero partecipazioni
number of stakes
partecipazione media
banche e assicurazioni
numero partecipazioni
number of stakes
partecipazione media
5.7
private equity, venture capital

private equity, venture capital
and sovereign funds
numero partecipazioni
number of stakes
partecipazione media
totale
total
numero partecipazioni
number of stakes
partecipazione media
6.0
Tab. 1.12
Gruppi nelle soci
16.2
12.1
11.0
10.7
pyramidal group
di cui:
of which:
vertice
parent company
subsidiary
di cui:

of which:
vertice
controllata 1.9
struttura orizzontale
73.8
81.0
84.2
84.0
stand-alone companies
(% of total)
gruppi orizzontali
horizontal group
51.6
36.0
28.5
21.5
pyramidal group
di cui:
of which:
vertice
37.6
31.6
25.4
19.9
parent company
14.0
subsidiary
di cui:

of which:
vertice
11.6
controllata 3.0
subsidiary
struttura orizzontale 2.4
29.6
57.3
64.9
72.8
stand-alone companies
OWNERSHIP AND CONTROL STRUCTURE
Tab. 1.13
2011
2018
2019
2020
media 3.1
2.4 mean
massimo 5.0
leva
2.2
1.0
massimo
11.6

media 17.1
12.7
12.9
10.8 mean
massimo 65.7
azioni di risparmio

% totale
36.9
13.8
% total
% capitale sociale
10.8
% share capital
preference shares
number of companies
% totale
% total
% capitale sociale
% share capital
totale azioni senza diritto di voto
all non-voting shares
% totale
42.6
14.2
% total
% capitale sociale
14.0
% share capital
Tab. 1.15
% totale
% total
% capitalizzazione totale
media diritti di
cash flow
33.4
37.3
37.5
37.6
average cash flow rights
media diritti di voto
wedge medio
19.2
17.3
16.7
14.6
2020
finanziario
financial
industriale
% totale settore
% total industry
media diritti di
cash flow
49.2
33.9
33.8
average cash flow rights
media diritti di voto
wedge medio
11.8
15.6
14.4
OWNERSHIP AND CONTROL STRUCTURE
Tab. 1.16
Azioni a voto maggiora
to e a voto plurimo nelle
2020
finanziario
financial
companies with multiple voting shares
number of companies
Ftse Mib Mid Cap Star
other
% capitalizzazione indice
companies with multiple voting shares
number of companies
% capitalizzazione indice
Tab. 1.17
2020
finanziario
financial
industriale
media diritti di voto
61.0
72.2
60.7
59.6
media diritti di
cash flow
48.4
average cash flow rights
massimo
12.6
massimo
18.9
OWNERSHIP AND CONTROL STRUCTURE
Organi sociali
Corporate boards
Caratteristiche dei membri degli organi sociali
Comitati endoconsiliari
Corporate governance and boards
CONSOB
Rapporto 2021 sulla corporate governanc
Il collegio sindacale (l’organo di
composto in media da tre membri
CONSOB
Rapporto 2021 sulla corporate governanc
ORGANI SOCIALI
CONSOB
Rapporto 2021 sulla corporate governanc
inferiore a quella media dei con
siglieri e concorrendo così ad
significativamente aumentato il peso delle donne laureate, dal 76%
circa al 93%, che a fronte di un dato sostanzialmente invariato per
la componente maschile ha innalzat
CONSOB
Rapporto 2021 sulla corporate governanc
Gender diversity
ORGANI SOCIALI
erano tenute ad applicare alcun criterio di riparto di genere (poiché
The governance of Italian listed compa
particular, the traditional management an
d control model is the most adopted
system (at the end of 2020, only four companies chose the one-tier model and
one firm the two-tier model; Tab. 2.1)
of boards of
directors (BoDs) remains around 10 me
mbers (Tab. 2.2). On the other hand,
of independent and minority board
members. At the end of 2020, half of the members of the BoDs are independent
and/or the Consolidated Financial Act
two years but increasing by around
ten percentage points compared
ies with at least one minority
than 56% of listed firms vs
Self-evaluation and succession plan
carrying out the annual
functioning of the board and its committees remains
approximately constant in 2020 (around 85% of the total),
adopted by an increasing
CORPORATE BOARDS
companies where the share of interlockers varies in the range 25%-50%).
Finally, 48 small-sized firms, overall re
CONSOB
Report 2021 on corporate governance of Italian listed companies
digital skills represent a ke
and strategy, recently involved in more ge
neral structural changes connected to the
mentioned matters. In this Report, knowledge and experiences about these subjects
are analysed with reference to 1,479 office
s held in the boards of 139 medium and
Star indices, accounting for around 64% of the list and 98% of ordinary
CORPORATE BOARDS
Digital skills account for 16% of total
offices; the figure is lower for Mid Cap
Tab. 2.16). Few offices (3.3%) refer to directo
rs with both sustainability and digital
ectors with sustainability skills with
ectors (see Tab. 2.11), figures highlight:
a higher percentage of women, that
among Star companies) to 59% for
companies); a higher percentage
of offices referred to post-
om slightly more than 42% for
academic background, from
ies (13.5%) to 44.3% for Star
companies (almost 9% for all offices; Tab. 2.17).
With reference to offices held by members with digital skills,
so offices of post-graduated
members (that represent more th
an 42% for Star companies and
53% for Ftse Mib companies) and academic members with digital
skills register higher figure
s compared to all directors.
least one board member with either
equal, respectively, to 72% and 74%;
companies with at least one director with bo
Finally, among the
professional backgrounds of auditors othe
r than the prevailing one, the highest
ar companies and in financial sectors
(around 7% and 8% respectively), wh
companies controlled by financial institutions and the State (19% and 12%
CORPORATE BOARDS
female component increased the total
share of graduate directors by more th
an 5 percentage points to 89%. Another
e professional profile, wi
th the share of managers
dropping by almost ten percentage poi
nts, from 75% in 2011, compared with
the contraction of female manager fr
om 72% to 48%. The impact of gender
however, less marked (Tab. 2.14 – Tab. 2.15).
Board committees
e remuneration committee and
the control and risk committee are historically the most
the end of 2020 and close
CONSOB
Report 2021 on corporate governance of Italian listed companies
te boards at the end of 2021
peaks to 41% of boards of directors and of internal boards of
ication of gender quota rules,
to be applied by listed compan
ies for six board appointments
r than the one-third quota
board nominations after August 2012. Most companies
44% of the board). Figures on women on board are
CORPORATE BOARDS
Overall, women hold on average
4 board seats, with larger and
financial firms displaying high
(namely, 4.9 in Ftse Mib and Mid
sector; Tab. 2.28 and Tab. 2.29).
Data on the role exerted by wome
CONSOB
Report 2021 on corporate governance of Italian listed companies
Interlocking
Interlocking
CORPORATE BOARDS
2.19
2.26
interlockers
nei consigli di amministrazione delle società quotate italiane
CONSOB
Report 2021 on corporate governance of Italian listed companies
Italian listed companies by ma
nagement and control system
Average size of corporate boards
in Italian listed companies
Independent members on boards of di
rectors of Italian listed companies
Minority members on boards of dire
ctors of Italian listed companies
Independent and minority directors
Self-evaluation of the boards of dire
ctors and succession plan in Italian
listed companies
Interlocking in Italian listed companies by industry
Italian listed companies
Attributes of corporate boards memb
ers of Italian listed companies by
Attributes of corporate boards memb
ers of Italian listed companies by
market index
Attributes of corporate boards memb
ers of Italian listed companies by
Educational background of board me
mbers of Italian listed companies
Attributes of corporate boards memb
ers of Italian listed companies by
gender
Directors of Italian listed companies by gender and relationship with th
Sustainability and digital skills of
directors of Italian listed companies
Attribute of corporate boards members
with sustainability and digital
Sustainability and digital skills on
boards of directors of Italian listed
CORPORATE BOARDS
Board committees in Italian listed companies
Remuneration committee in Italian listed companies
Nomination committee in It
alian listed companies
Control and risk committee in Italian listed companies
Sustainability committee in Italian listed companies
Sustainability committee in Italia
n listed companies by industry
Sustainability committee in It
alian listed companies by UCA
Female representation on corporate
boards of Italian listed companies
Female representation on boards of
directors of Italian listed companies
by applicable gender quota rules
Female representation on boards of
directors of Italian listed companies
Female representation on boards of
directors of Italian listed companies
by industry
Positions held by female directors in Italian listed companies
Female interlocking on boards of di
rectors of Italian listed companies
CONSOB
Report 2021 on corporate governance of Italian listed companies
2019
2020

one-tier
% capitalizzazione totale
dualistico
two-tier
number of companies
% capitalizzazione totale

% capitalizzazione totale
91.8
260
number of companies
% capitalizzazione totale
100.0
100.0
100.0
100.0
2019
2020
(per cui sono disponibili i rapporti)
number of covered companies
(for which reports are available)
consiglio di amministrazione
board of directors
consiglio di gestione
6.7
management board
consiglio di sorveglianza
CORPORATE BOARDS
2011
2018
2019
2020
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
amministratori indipendenti da TUF

independent directors by TUF
numero medio
mean number
eso medio sul board (%
39.5
50.9
average weight on board (%
amministratori indipendenti da CGC
independent directors by CGC
numero medio
3.9
mean number
eso medio sul board (%
37.7
44.4
45.3
47.0
average weight on board (%
amministratori indipendenti da TUF/CGC

independent directors by TUF/CGC
numero medio
mean number
eso medio sul board (%
41.7
average weight on board (%
2019
2020
(escluso dualistiche)
number of covered companies
(excluding two-tier model)
% totale
36.5
56.2
% tota
amministratori di minoranza
minority directors
numero medio
0.7
mean numbe
un amministratore di minoranza
1.8
mean number in companies
with at least one minority director
eso medio sul board (%)
average weight on board (%
amministratori di minoranza
e/o indipendenti

minority and/or
independent directors
numero medio
mean numbe
eso medio sul board (%)
42.4
average weight on board (%
CONSOB
Report 2021 on corporate governance of Italian listed companies
2020
finanziario
financial
industrial
(escluso dualistiche)
number of covered companies
(excluding two-tier model)
numero medio di amministratori
average number of directors
amministratori indipendenti da TUF/CGC
independent directors by TUF/CGC
numero medio
mean number
eso medio sul board (%
61.0
46.8
52.6
average weight on board (%
amministratori di minoranza

minority directors
numero medio
mean number
nistrator
di minoranz
% per settore
ompanies with at least on
minority director
% by industry
amministratori di minoranza
e/o indipendenti
minority and/or
independent directors
numero medio
mean number
eso medio sul board (%
61.4
47.0
52.8
average weight on board (
Ftse Mib Mid Cap Star altro
other
(escluso dualistiche)
number of covered companies
(excluding two-tier model)
numero medio di amministratori
average number of directors
amministratori indipendenti da TUF/CGC
independent directors by TUF/CGC
numero medio
mean number
eso medio sul board (%
66.9
57.2
46.9
45.7
average weight on board (
amministratori di minoranza
minority directors
numero medio
mean number
nistrator
di minoranz
% per indice
ompanies with at least on
minority director
% by index
amministratori di minoranza
e/o indipendenti
minority and/or
independent directors
numero medio
mean number
eso medio sul board (%
66.9
57.2
47.5
45.9
average weight on board (
CORPORATE BOARDS
autovalutazione
self-evaluation
% totale
number of companies
2020
finanziario
financial
industriale
autovalutazione
self-evaluation
% capitalizzazione totale
98.0
number of companies
30.7
51.0
24.2
26.5
% total industry
% capitalizzazione totale
76.9
27.4
20.9
28.6
di cui piani di successione per:
of which succession plans for
amministratore delegato e
altri amministratori esecutivi
other executive directors
number of companies
27.1
44.9
20.8
24.5
% total industry
% capitalizzazione totale
61.5
25.3
10.2
26.0
vertici aziendali
top management
number of companies
19.7
40.8
13.3
14.3
% total industry
% capitalizzazione totale
69.3
24.5
20.0
24.9
amministratori esecutivi e
vertici aziendali
executive directors and
top management
number of companies
16.1
34.7
10.0
12.2
% total industry
% capitalizzazione totale
54.0
22.4
22.2
CONSOB
Report 2021 on corporate governance of Italian listed companies
Interlocking
2021
Ftse Mib Mid Cap Star altro
other
interlockers

interlockers
eso medio sul board (%
average weight on board (%
number of companies
% capitalizzazione indice
30.1
% capitalizzazione indice
2021
interlockers
nei consigli
di amministrazione
75%
interlockers in the boards
of directors
industriale
industrial
number of companies
44.7
49.5
number of companie
% capitalizzazione totale
CORPORATE BOARDS
(escluso monistiche e dualistiche)
number of covered companies
(excluding one-tier and two-tier model)
numero medio di sindaci
average number of members
sindaco di minoranza
one minority auditor
number of companies
% totale
36.6
54.1
55.8
58.9
sindaci di minoranza

minority auditors
numero medio
mean number
numero medio riunioni
11.5
13.5
14.1
15.0
2020
finanziario
financial
industrial
(escluso monistiche e dualistiche)
number of covered companies
(excluding one-tier and two-tier model)
numero medio di sindaci
average number of members
sindaco di minoranza
one minority auditor
number of companies
% totale settore
68.1
49.6
72.9
% total industr
sindaci di minoranza
minority auditors
0.7 0.
5 0.8
mean
number
numero medio riunioni
23.8
12.0
13.6
Tab. 2.10
Caratteristiche dei membri degli organi sociali de
lle società quotate italiane per settore di attività
Attributes of corporate boards members of Italian listed companies by industry
2020
membri degli organi di amministrazione
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
532 1,120 486
number of offices
amministratori family
family directors
92.3
86.5
92.4
di cui: con titolo
post lauream (%)
26.6
25.9
25.6
29.6
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
95.7
95.8
94.4
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
number of offices
95.5
95.7
98.7
di cui: con titolo
post lauream (%)
15.3
13.5
14.0
20.0
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
98.1
97.5
98.6
CORPORATE BOARDS
Tab. 2.11
2020
membri degli organi di amministrazione
(valori medi per indice)
Ftse Mib
Mid Cap
Star
other
boards of directors’ members
(average values per index)
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
number of offices
amministratori family
family directors
96.4
92.3
85.8
86.2
di cui: con titolo
post lauream (%)
26.6
30.8
27.2
25.1
24.6
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
97.6
95.7
95.7
93.7
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
number of offices
96.7
97.3
95.7
96.3
di cui: con titolo
post lauream (%)
15.3
17.2
15.7
13.1
15.9
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
99.0
98.3
97.7
97.2
Tab. 2.12
Caratteristiche dei membri degli organi so
2020
membri degli organi di amministrazione
(valori medi per UCA)
famiglie
Stato/enti loc.
State/loc.auth.
ist. finanziarie
financial inst.
boards of directors’ members
(average values per UCA)
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
number of offices
amministratori family
26.2 — — — —
family directors
87.2
95.8
95.6
91.4
90.3
di cui: con titolo
post lauream (%)
25.0
35.9
30.8
21.9
25.6
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
95.3
95.8
94.9
96.2
95.6
(incluso monistiche e dualistiche)
number of covered companies
(including one-tier and two-tier model)
numero incarichi
number of offices
98.8
100.0
100.0
93.0
di cui: con titolo
post lauream (%)
13.8
19.0
11.8
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
99.0
98.7
98.0
98.0
CORPORATE BOARDS
Tab. 2.13
Formazione dei membri degli organi
organi di amministrazione
boards of directors
numero incarichi considerati
(per cui sono disponibili le informazioni)
2,476
2,121
2,130
2,091
number of covered offices
(for which information is available)
donne
uomini
2,292
1,351
1,343
1,270
amministratori laureati
2,174 1,932 1,937 1,909
directors with degree
% totale incarichi
% total offices
% totale incarichi donne
% total female office
uomini 2.028 1,212 1,196 1,135 male
% totale incarichi uomini
89.1
89.4
% total male office
economia
1,122
1,011
1,009
economics
% totale incarichi
% total offices
% totale incarichi donne
44.0
47.9
48.9
46.4
% total female offices
1,041
% totale incarichi uomini
45.4
47.5
46.5
45.0
% total male offices
giurisprudenza
% totale incarichi
% total offices
% totale incarichi donne
25.5
25.3
26.8
% total female offices
% totale incarichi uomini
16.9
12.7
14.1
14.8
% total male offices
ingegneria
engineering
% totale incarichi
% total offices
% totale incarichi donne
% total female offices
% totale incarichi uomini
15.2
18.1
17.4
19.2
% total male offices
amministratori con più di una laurea
directors with more than one degree
% totale incarichi
% total offices
% totale incarichi donne
% total female office
% totale incarichi uomini
% total male office
amministratori non laureati
directors with no degree
% totale incarichi
% total offices
female
% totale incarichi donne
20.7
% total female office
% totale incarichi uomini
11.5
10.3
10.9
10.6
% total male office
– Cont. –
Cont. Tab. 2.13
organi di controllo
boards of statutory auditors
numero incarichi considerati
(per cui sono disponibili le informazioni)
number of covered offices
(for which information is available)
donne
uomini
auditors with degree
% totale incarichi
% total offices
donne
female
% totale incarichi donne
% total female office
uomini
% totale incarichi uomini
90.3
95.4
95.5
96.6
% total male office
economia
644
economics
% totale incarichi
% total offices
% totale incarichi donne
77.8
88.8
89.1
90.2
% total female offices
502
% totale incarichi uomini
77.2
87.5
88.5
89.1
% total male offices
giurisprudenza
% totale incarichi
% total offices
% totale incarichi donne
11.1
11.9
11.3
% total female offices
% totale incarichi uomini
10.5
% total male offices
political sciences
% totale incarichi
% total offices
% totale incarichi donne
% total female offices
% totale incarichi uomini
% total male offices
membri con più di una laurea
auditors with more than one degree
% totale incarichi
% total offices
donne — 12 12 10 female
% totale incarichi donne
% total female office
uomini 20 8 10 7 male
% totale incarichi uomini
% total male office
membri non laureati
auditors with no degree
% totale incarichi
% total offices
female
% totale incarichi donne
11.1
% total female office
% totale incarichi uomini
% total male office
CORPORATE BOARDS
Tab. 2.14
membri degli organi di amministrazione
(valori medi per genere)
boards of directors’ members
(average values per gender)
numero incarichi considerati
2,567
2,184
2,168
2,138
number of covered offices
(including in one-tier and two-tier firms)
donne
uomini
2,375
1,399
1,374
1,306
foreigners
family directors
graduates
75.5
91.7
93.3
93.0
female
84.7
86.6
87.0
86.9
consulenti/professionisti
consultants/professionals
academics
amministratori di minoranza
minority directors
5.7
10.1
female
6.2
10.1
amministratori indipendenti
independent directors
37.5
72.9
74.9
74.9
female
42.6
37.7
37.6
38.0
membri di comitato
37.5
62.4
65.1
67.2
female
41.4
37.0
37.5
38.4
partecipazione media alle riunioni
89.1
92.5
92.1
95.4
female
89.5
92.8
93.0
95.5
– Cont. –
Cont. Tab. 2.14
membri degli organi di controllo
(valori medi per genere)
boards of statutory auditors’ members
(average values per gender)
numero incarichi considerati
number of covered offices
(including in one-tier and two-tier firms)
donne
uomini
foreigners
graduates
87.3
96.7
96.6
97.0
female
87.6
94.9
95.5
95.9
donne 10.9
3.8 female
consulenti/professionisti
consultants/professionals
academics
minority auditors
7.3
14.1
15.4
16.3
female
13.9
21.0
21.1
21.9
membri indipendenti da CGC
independent auditors by CGC
85.5
96.3
95.5
93.2
female
87.9
93.8
94.3
93.3
partecipazione media alle riunioni
96.2
97.8
97.1
97.5
female
95.1
96.8
97.0
98.2
female
423
minority alternate auditors
12.4
19.5
20.4
12.7
female
18.0
25.9
28.1
15.5
membri supplenti indipendenti da CGC
independent alternate auditors by CGC
78.7
84.6
83.2
78.7
female
75.2
80.7
78.1
79.3
CORPORATE BOARDS
Tab. 2.15
membri degli organi di amministrazione
(valori medi per genere)
boards of directors’ members
(average values per gender)
numero incarichi considerati
2,567
2,184
2,168
2,138
number of covered offices
donne
uomini
2,375
1,399
1,374
1,306
amministratori family
donne
uomini
amministratori non-family
2,148 1,829 1,813 1,798
non-family directors
donne
uomini
2,037 1,123 1,104 1,044
amministratori family
69.2
70.1
72.1
70.9
family directors
donne
58.0
64.6
70.6
70.5
female
uomini
71.9
71.7
72.6
71.0
87.1
92.0
92.7
92.8
non-family directors
donne
89.2
94.8
96.1
95.4
female
uomini
86.9
90.3
90.6
90.9
amministratori family
family directors
donne
female
uomini
non-family directors
donne
female
uomini
/professionisti
amministratori family
family directors
consultants/
professionals
donne
female
uomini
non-family directors
donne
female
uomini
amministratori family
family directors
donne
— — — —
female
uomini
non-family directors
donne
female
uomini
alle riunioni
amministratori family
91.4
92.2
91.7
94.0
family directors
donne
88.6
88.2
86.8
93.6
female
uomini
92.0
93.3
93.2
94.1
89.1
92.8
92.9
95.8
non-family directors
donne
89.5
93.0
92.7
95.6
female
uomini
89.1
92.7
93.0
95.8
CONSOB
Report 2021 on corporate governance of Italian listed companies
Tab. 2.16
Competenze in materia di sostenibilità e digitali
2020
medium-large firms
Ftse Mib
Mid Cap
Star
directors with specific skills
(values per index)
(medie e grandi dimensioni)
number of covered companies
(medium and large-sized)
numero incarichi
1,479
number of offices
sostenibilità
% totale incarichi
14.6
19.3
17.1
% total offices
female
% totale incarichi donne
21.5
29.4
24.9
13.7
% total female offices
% totale incarichi uomini
10.2
13.0
11.8
% total male offices
nel comitato sostenibilità
of which: directors with skills
in sustainability committee
% totale membri comitato
24.2
23.3
26.1
23.4
% all members of committee
nel comitato sostenibilità
women with skills
in sustainability committee
% donne membri comitato
29.7
35.8
25.4
27.9
% female committee members
nel comitato sostenibilità
in sustainability committee
% uomini membri comitato
17.7
12.7
27.3
17.6
% male committee members
digitalizzazione
digitalisation
% totale incarichi
16.0
% total offices
40 34 37 female
% totale incarichi donne
19.2
% total female offices
34 27 65 male
% totale incarichi uomini
14.0
% total male offices
sostenibilità e digitalizzazione
ESG and digital issues
% totale incarichi
% total offices
female
% totale incarichi donne
% total female offices
% totale incarichi uomini
% total male offices
CORPORATE BOARDS
Tab. 2.17
2020
directors with ESG issues
skills
(in medium and large-sized companies)
amministratori family
family directors
97.5
97.3
96.7
di cui: con titolo
post lauream (%)
44.8
48.7
42.5
42.4
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
97.9
95.9
97.1
skills
(in medium and large-sized companies)
amministratori family
family directors
98.6
100.0
90.2
di cui: con titolo
post lauream (%)
46.0
53.4
42.6
42.4
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
98.2
96.8
94.8
directors with ESG and digital skills
(in medium and large-sized companies)
— — —
amministratori family
— — —
family directors
100.0
100.0
100.0
100.0
di cui: con titolo
post lauream (%)
44.9
52.4
35.3
45.5
of which: postgraduates (%)
consulenti/professionisti
consultants/professionals
partecipazione media alle riunioni
97.7
96.9
94.4
CONSOB
Report 2021 on corporate governance of Italian listed companies
Tab. 2.18
Competenze in materia di sostenibil
ità e digitali nei consigli di amminist
2020
medium-large firms
Ftse Mib
Mid Cap
Star
companies with at least one
director with specific skills
(medie e grandi dimensioni)
number of covered companies
(medium and large-sized)
ità 100
27 32 41
% totale per indice
71.9
% capitalizzazione totale
87.3
digitalizzazione
digitalisation
% totale per indice
74.1
87.9
78.4
65.2
% total by index
% capitalizzazione totale
92.6
77.4
10.9
sostenibilità e digitalizzazione
17 13 9
ESG and digital issues
% totale per indice
28.1
% capitalizzazione totale
50.4
medium-large firms
financial
industriale
(medie e grandi dimensioni)
number of covered companies
(medium and large-sized)
ità 100
21 54 25
% capitalizzazione totale
87.3
digitalizzazione
digitalisation
74.1
71.9
72.4
80.6
% total by industry
% capitalizzazione totale
92.6
27.3
29.4
36.0
sostenibilità e digitalizzazione
11 20 8
ESG and digital issues
% capitalizzazione totale
50.4
famiglie
Stato/enti loc.
State/loc.auth.
ist. finanziarie
financial inst.
(medie e grandi dimensioni)
number of covered companies
(medium and large-sized)
sostenibilità
% totale per UCA
% capitalizzazione totale
digitalizzazione
digitalisation
% totale per UCA
70.5
85.7
66.7
66.7
76.5
% total by UCA
% capitalizzazione totale
21.3
39.5
27.5
sostenibilità e digitalizzazione
17 11 — — 11
ESG and digital issues
% totale per UCA
% capitalizzazione totale
CORPORATE BOARDS
Tab. 2.19
Comitati endoconsiliari ne
2019
2020
remunerazione

remuneration
% totale
% tota
% capitalizzazione totale
99.0
98.5
nomine
nomination
number of companies
% totale
20.0
64.0
67.1
68.8
% tota
% capitalizzazione totale
62.8
88.5
91.9
93.0
controllo e rischi

control and risk
% totale
% tota
% capitalizzazione totale
98.6
sostenibilità
….
number of companies
% totale
….
24.3
34.7
42.7
% tota
% capitalizzazione totale
….
67.2
82.9
86.1
2020
membri dei comitati
(valori medi per società)
tutti i comitati
all committees
remuneration
nomina
controllo e rischi
members of committees
(average values per company)
numero medio componenti
average number of members
board
amministratori indipendenti
86.5
86.1
86.4
89.2
84.2
independent directors
56.0
amministratori family
family directors
96.1
di cui: con titolo
post lauream (%)
28.6
of which: postgraduates (%)
51.4
52.2
52.3
46.3
54.6
consulenti/professionisti
33.8
35.4
34.7
38.1
27.0
consultants/professionals
14.5
12.2
12.7
15.1
18.1
Tab. 2.20
2020
membri del comitato
(valori medi per società)
finanziario
financial
industriale
members of committee
(average values per company)
no. of companies with a committee
92.7
98.0
91.7
89.8
% total industr
98.5
100.0
98.4
numero medio componenti
average number of members
board
amministratori indipendenti
86.1
87.1
84.3
89.4
independent directors
55.4
amministratori family
family directors
95.5
di cui: con titolo
post lauream (%)
28.4
of which: postgraduates (%)
52.2
54.5
50.6
53.7
consulenti/professionisti
35.4
29.5
38.0
35.6
consultants/professionals
12.2
15.9
11.2
10.7
numero medio riunioni
Ftse Mib Mid Cap Star altro
other
no. of companies with a committee
% totale indice
92.7
97.0
94.6
97.1
86.1
% total inde
% capitalizzazione indice
98.5
99.2
96.9
88.1
numero medio componenti
average number of members
board
amministratori indipendenti
86.1
87.4
85.7
84.3
87.4
independent directors
55.4
amministratori family
family directors
95.5
di cui: con titolo
post lauream (%)
28.4
of which: postgraduates (%)
52.2
66.4
54.0
46.9
49.9
consulenti/professionisti
35.4
22.4
30.0
39.8
40.1
consultants/professionals
12.2
11.2
15.1
13.3
10.0
numero medio riunioni
CORPORATE BOARDS
Tab. 2.21
2020
membri del comitato
(valori medi per società)
finanziario
financial
industriale
members of committee
(average values per company)
no. of companies with a committee
68.8
75.5
65.8
69.4
% total industr
93.0
95.3
95.2
numero medio componenti
average number of members
board
14.6
amministratori indipendenti
86.4
86.9
85.1
89.0
independent directors
53.8
amministratori family
family directors
96.1
di cui: con titolo
post lauream (%)
28.9
of which: postgraduates (%)
52.3
53.8
51.6
52.4
consulenti/professionisti
34.7
25.6
38.5
35.8
consultants/professionals
12.7
20.1
11.9
numero medio riunioni
Ftse Mib Mid Cap Star altro
other
no. of companies with a committee
% totale indice
68.8
90.9
86.5
65.2
54.4
% total inde
% capitalizzazione indice
93.0
97.3
92.5
64.1
numero medio componenti
average number of members
board
13.1
amministratori indipendenti
86.4
82.6
87.5
87.0
87.8
independent directors
53.8
amministratori family
family directors
96.1
di cui: con titolo
post lauream (%)
28.9
of which: postgraduates (%)
52.3
67.0
49.6
49.6
46.8
consulenti/professionisti
34.7
22.4
32.7
38.5
40.8
consultants/professionals
12.7
10.5
16.1
11.9
12.4
numero medio riunioni
Tab. 2.22
2020
membri del comitato
(valori medi per società)
finanziario
financial
industriale
members of committee
(average values per company)
no. of companies with a committee
93.1
98.0
90.0
95.9
% total industr
99.5
100.0
99.9
numero medio componenti
average number of members
board
amministratori indipendenti
89.2
90.4
87.1
92.5
independent directors
56.3
amministratori family
family directors
96.4
di cui: con titolo
post lauream (%)
26.1
of which: postgraduates (%)
46.3
41.6
46.4
51.0
consulenti/professionisti
38.1
38.5
39.5
34.4
consultants/professionals
15.1
19.9
13.5
13.9
numero medio riunioni
Ftse Mib Mid Cap Star altro
other
no. of companies with a committee
% totale indice
93.1
100.0
94.6
98.6
84.8
% total inde
% capitalizzazione indice
99.5
100.0
97.1
90.8
numero medio componenti
average number of members
board
amministratori indipendenti
89.2
89.0
89.3
88.7
89.6
independent directors
56.3
amministratori family
family directors
96.4
di cui: con titolo
post lauream (%)
26.1
of which: postgraduates (%)
46.3
58.9
48.5
42.6
42.8
consulenti/professionisti
38.1
24.3
29.7
40.8
46.6
consultants/professionals
15.1
16.8
20.3
16.6
10.1
numero medio riunioni
CORPORATE BOARDS
Tab. 2.23
Comitato sostenibilità delle
2020
membri del comitato
(valori medi per società)
finanziario
financial
industriale
members of committee
(average values per company)
no. of companies with a committee
42.7
38.8
40.8
51.0
% total industr
86.1
86.9
95.0
numero medio componenti
average number of members
board
16.2
amministratori indipendenti
84.2
83.8
83.4
86.2
independent directors
58.4
amministratori family
family directors
96.4
di cui: con titolo
post lauream (%)
30.8
of which: postgraduates (%)
54.6
51.5
54.0
58.3
consulenti/professionisti
27.0
19.6
30.4
26.1
consultants/professionals
18.1
28.9
15.1
15.7
numero medio riunioni
Ftse Mib Mid Cap Star altro
other
no. of companies with a committee
% totale indice
42.7
90.9
64.9
34.8
19.0
% total inde
% capitalizzazione indice
86.1
95.3
64.4
29.3
numero medio componenti
average number of members
board
10.2
amministratori indipendenti
84.2
80.4
90.9
83.9
81.7
independent directors
58.4
amministratori family
family directors
96.4
di cui: con titolo
post lauream (%)
30.8
of which: postgraduates (%)
54.6
67.3
50.6
48.2
46.1
consulenti/professionisti
27.0
15.6
29.9
34.9
32.8
consultants/professionals
18.1
17.1
18.6
16.9
21.1
numero medio riunioni
Tab. 2.24
Comitato sostenibilità nelle società quotate italiane per settore di attività
Sustainability committee in Italian listed companies by industry
2020
membri del comitato
(valori medi per società)
finanziario
financial
banche
banks
insurance
other
members of committee
(average values per company)
no. of companies with a committee
38.8
68.8
14.3
% total industr
% capitalizzazione totale
25.9
15.3
numero medio componenti
average number of members
peso medio sul board (%)
29.2
average weight on board (%
board
16.2
11.7
31.7
13.3
amministratori indipendenti
83.8
92.3
70.8
73.3
independent directors
53.6
industriale
industrial
beni e servizi
goods&services
persona e casa
personal&house
no. of companies with a committee
40.8
46.9
45.8
80.0
41.7
% total industr
% capitalizzazione totale
25.5
numero medio componenti
average number of members
peso medio sul board (%)
35.2
average weight on board (%
board
amministratori indipendenti
83.4
83.9
90.9
74.2
81.7
independent directors
58.8
media&telecomservizi pubblici
altro
no. of companies with a committee
51.0
52.9
69.2
36.8
% total industr
% capitalizzazione totale
34.7
numero medio componenti
average number of members
peso medio sul board (%)
33.1
average weight on board
board
amministratori indipendenti
86.2
independent directors
61.3
CORPORATE BOARDS
Tab. 2.25
Comitato sostenibilità nelle
2020
membri del comitato
(valori medi per società)
famiglie
Stato/enti loc.
State/loc.auth.
ist. finanziarie
financial inst.
members of committee
(average values per company)
no. of companies with a committee
% totale UCA
84.0
42.9
42.9
47.5
% total UCA
% capitalizzazione totale
16.5
39.3
25.9
comitato singolo
single committee
comitato accorpato con un altro
multiple tasks committee
comitato con delega funzioni
delegated functions
numero medio componenti
average number of members
peso medio sul board (%)
average weight on board (%)
board
14.6
amministratori indipendenti
independent directors
amministratori family
family directors
di cui: con titolo
post lauream (%)
of which:
postgraduates (%)
50.3
55.2
66.7
30.6
66.7
consulenti/professionisti
34.3
22.8
33.3
19.4
14.0
consultants/professionals
15.4
22.1
50.0
18.2
CONSOB
Report 2021 on corporate governance of Italian listed companies
Tab. 2.26
2011
2019
2020
2021
organi di amministrazione

boards of directors
peso medio sul board (%)
41.2
average weight on board (%)
135
number of diverse-board companies
% totale
51.7
99.6
99.6
99.5
% total
organi di controllo

boards of statutory auditors
peso medio sul board (%)
40.8
average weight on board (%)
number of diverse-board companies
% totale
20.3
98.7
98.7
98.6
% total
(L. 160/2019)
(L. 120/2011)
(L. 120/2011 –
L. 160/2019)
non applicabile
not applicable
% totale
100.0
% total
amministratori donne
female directors
numero medio
average number
peso medio sul board (%)
41.2
43.8
38.3
37.7
34.3
avg weight on board (%)
2021
Ftse Mib Mid Cap Star altro
other
% capitalizzazione indice
100.0
numero medio amministratori donne
average number of female directors
peso medio sul board (%)
avg weight on board (%)
41.2
40.1
43.5
41.4
40.5
all companies
41.4
40.1
43.5
41.4
41.0
diverse-board companies
CORPORATE BOARDS
Tab. 2.29
2021
finanziario
financial
% capitalizzazione indice
100.0
100.0 100.0 100.0
numero medio amministratori donne
average number of female directors
peso medio sul board (%)
avg weight on board (%)
41.2
42.8
41.3
39.6
all companies
41.4
42.8
41.3
40.4
diverse-board companies
ruoli donne
female directorships
amministratore delegato

% totale incarichi femminili
% total female directorship
number of companies
% capitalizzazione totale
presidente/presidente onorario

chairman/honorary chairman
% totale incarichi femminili
% total female directorship
number of companies
% capitalizzazione totale
32.5
18.2
20.7
amministratore indipendente (da TUF e/o da CGC)

independent director (by TUF and/or CGC)
% totale incarichi femminili
37.0
74.5
% total female directorship
number of companies
% capitalizzazione totale
28.8
99.7
99.8
99.9
amministratore di minoranza

minority director
% totale incarichi femminili
10.7
% total female directorship
number of companies
% capitalizzazione totale
19.3
73.0
75.8
73.6
CONSOB
Report 2021 on corporate governance of Italian listed companies
Tab. 2.31
Donne
interlockers
nei consigli di amministrazione
donne
interlockers

female interlockers
numero complessivo
overall number
% totale incarichi femminili
15.1
30.3
% total female directorship
numero medio di incarichi
average number of directorships
numero complessivo
711
overall number
% totale incarichi
27.4
24.7
23.7
22.5
% total directorship
numero medio di incarichi
1.46
1.37
1.32
1.30
average number of directorships
CORPORATE BOARDS
Assemblee
Partecipazione degli azionisti alle assemblee
Voto sui compensi corrisposti (remuneration report)
CONSOB
Rapporto 2021 sulla corporate governanc
2020), con una partecipazione pari al
20,6% del capitale sociale (stabile
CONSOB
Rapporto 2021 sulla corporate governanc
Con riferimento al voto consultivo
sulla sezione della relazione sulla
), i voti a favore sono stati il 66% del
In consideration of the persistence of
CONSOB
Report 2021 on corporate governance of Italian listed companies
Dissenso sulle politiche di remunerazione espresso nelle assemblee delle maggiori
Dissenso sulle politiche di remunerazione espresso nelle assemblee delle maggiori
Dissenso su politiche di remunerazione e compensi corrisposti espresso nelle
Attendance of institutional investors
at the AGMs of the largest Italian
listed companies
Shareholders’ vote on the
remuneration policy at the AGMs of the largest
Italian listed companies
Dissent in shareholders’ vote on the remuneration policy at the AGMs of
the largest Italian listed companies by market index
Dissent in shareholders’ vote on the remuneration policy at the AGMs of
the largest Italian listed companies by industry
Shareholders’ vote on the
remuneration report at
the AGMs of the largest
Italian listed companies
Dissent in shareholders’ vote on the
the largest Italian listed companies by market index
Dissent in shareholders’ vote on the
the largest Italian listed companies by industry
Dissent in shareholders’ vote on th
e remuneration policy and on the
the largest Italian listed companies
Partecipazione alle assemblee delle
numero partecipanti
number of participants
minimo 1 12 4 7 minimum
massimo 4,825 4,349 4,218 4,734 maximum
investitori istituzionali
institutional investors
massimo
3,705
3,314
4,216
4,431
quota di capitale sociale (%)
investitori istituzionali
institutional investors
11.5
20.6
22.2
22.8
massimo
47.7
70.5
71.4
74.7
investitori istituzionali italiani
Italian institutional investors
media 1.1
2.5 mean
tuzionali esteri
ional investors
10.4
18.7
20.3
20.4
massimo
47.2
60.1
68.5
72.1
numero partecipanti
finanziario
financial
industrial
number of participants
minimo 42 10 7 minimum
massimo 3,417 2,319 4,734 maximum
investitori istituzionali
institutional investors
massimo
3,382
2,294
4,431
quota di capitale sociale (%)
finanziario
financial
industrial
share of total capital (%)
investitori istituzionali
institutional investors
24.4
23.8
19.5
massimo
74.7
63.8
41.5
investitori istituzionali italiani
Italian institutional investors
media 3.2
2.3 mean
tuzionali esteri
ional investors
21.1
21.7
17.1
massimo
72.1
61.8
39.8
Partecipazione degli investitori
istituzionali alle assemblee delle ma
ggiori società qu
otate italiane
Attendance of institutional investors at the AGMs of the largest Italian listed companies
investitori istituzionali italiani
Italian institutional investors
quota sul capitale in assemblea 2.9 3.
tuzionali esteri
ional investors
quota sul capitale totale
10.9
18.7
20.6
20.6
share on total capital
quota sul capitale in assemblea
16.7
27.6
29.3
28.9
share on capital at the AGM
oto consultivo sulla politica di remunerazione
(art. 123-
TUF)
2012
2019
advisory vote on the remuneration polic
(art. 123-
investitori istituzionali
institutional investors
quota del capitale totale
12.5
share on total capital
quota del capitale in assemblea favorevole
share on capital at the AGM
quota del voto degli investitori istituzionali
67.3
54.5
29.6
41.7
other investors
quota del capitale totale
56.9
51.1
share on total capital
quota del capitale in assemblea favorevole
share on capital at the AGM
quota del voto degli altri investitori
98.2
97.6
share on other investors votes
– Cont. –
Cont. Tab. 3.4
oto vincolante sulla
politica di remunerazione
(art. 123-
TUF modificato
dal d.lgs. 49/2019)
2020
full sample
in 2021
2021
full sample
binding vote on the
remuneration polic
(art. 123-
TUF amended
by Decree 49/2019)
number of covered companies
di remunerazione in anno precedente
of which: companies
remuneration policy in previous year
investitori istituzionali
institutional investors
quota del capitale totale
15.6
14.8
share on total capital
quota del capitale in assemblea favorevole
22.3
21.2
share on capital at the AGM
9.4
0.5
quota del voto degli investitori
63.1
64.4
36.3
32.3
other investors
quota del capitale totale
50.4
51.1
share on total capital
quota del capitale in assemblea favorevole
66.9
67.4
share on capital at the AGM
0.8
0.4
quota del voto degli altri investitori
96.6
97.4
share on other investors votes
numero casi di non approvazione della
politica di remunerazione
1 2
number of cases of rejection of
the remuneration policy
oto consultivo sulla politica di remunerazione
(art. 123-
TUF)
2012
2019
advisory vote on the remuneration polic
(art. 123-
% dissenso sul totale dei voti
sul totale dei voti
10.8
% institutional investors dissent
37.3
47.6
sul voto degli inv. istituzionali
% institutional investors dissent
on institutional votes
oto vincolante sulla politica di remunerazione
(art. 123-
TUF modificato dal d.lgs. 49/2019)
binding vote on the remuneration polic
(art. 123-
TUF amended by Decree 49/2019)
Ftse MibMid Cap
other
% dissenso sul totale dei voti
10.6
57.6
sul totale dei voti
12.1
57.6
57.6
34.0
15.9
sul voto deglio inv. istituzionali
38.0
dissent on institutional votes
100.0
Ftse MibMid Cap
other
% dissenso sul totale dei voti
11.1
53.9
sul totale dei voti
11.0
11.0
52.6
45.3
52.6
33.6
sul voto degli inv. istituzionali
34.5
dissent on institutional votes
100.0
Dissenso sulle politiche di re
oto consultivo sulla politica di remunerazione
(art. 123-
TUF)
2012
2019
advisory vote on the remuneration polic
(art. 123-
% dissenso sul totale dei voti
sul totale dei voti
10.8
% institutional investors dissent
37.3
47.6
sul voto degli inv. istituzionali
% institutional investors dissent
on institutional votes
oto vincolante sulla politica di remunerazione
(art. 123-
TUF modificato dal d.lgs. 49/2019)
binding vote on the remuneration polic
(art. 123-
TUF amended by Decree 49/2019)
financial
% dissenso sul totale dei voti
10.6
57.6
sul totale dei voti
11.8
57.6
57.6
38.5
22.3
sul voto edgli inv. istituzionali
38.0
dissent on institutional votes
100.0
financial
% dissenso sul totale dei voti
11.1
53.9
sul totale dei voti
12.3
52.6
52.6
44.4
33.6
sul voto degli inv. istituzionali
34.5
dissent on institutional votes
100.0
oto consultivo
investitori istituzionali
institutional investors
quota del capitale totale
16.0
15.0
share on total capital
quota del capitale in assemblea favorevole
share on capital at the AGM
quota del voto degli investitori istituzionali
66.3
62.9
32.6
33.6
other investors
quota del capitale totale
50.4
51.0
share on total capital
quota del capitale in assemblea favorevole
share on capital at the AGM
quota del voto degli altri investitori
96.4
97.7
share on other investors votes
CONSOB
Report 2021 on corporate governance of Italian listed companies
oto consultivo
Ftse MibMid Cap
other
% dissenso sul totale dei voti
49.1
sul totale dei voti
14.2
49.1
49.1
27.5
15.3
sul voto degli inv. istituzionali
34.8
dissent on institutional votes
100.0
Ftse MibMid Cap
other
% dissenso sul totale dei voti
11.9
55.9
sul totale dei voti
10.9
13.9
12.3
53.5
45.7
53.5
44.9
sul voto degli inv. istituzionali
36.0
dissent on institutional votes
100.0
oto consultivo
financial
% dissenso sul totale dei voti
49.1
sul totale dei voti
10.7
49.1
49.1
37.6
27.7
sul voto degli inv. istituzionali
34.8
dissent on institutional votes
100.0
financial
% dissenso sul totale dei voti
11.9
55.9
sul totale dei voti
10.9
13.8
11.1
53.5
53.5
49.4
40.8
sul voto degli inv. istituzionali
36.0
dissent on institutional votes
100.0
Tab. 3.10
Dissenso su politiche di remunerazione e compensi corrisposti
dissenso complessivo
(% sul totale dei voti)
(% of total votes)
dissenso maggiore su politiche di remunerazione
higher dissent on remuneration policy
pari dissenso su politiche di remunerazione
e compensi corrisposti
same dissent on remuneration policy
and remuneration report
numero società
number of companies
dissenso maggiore su compensi corrisposti
higher dissent on remuneration report
ori istituzionali
(% del voto degli investitori istituzionali)
(% of institutional investors votes)
dissenso maggiore su politiche di remunerazione
higher dissent on remuneration policy
pari dissenso su politiche di remunerazione
e compensi corrisposti
same dissent on remuneration policy
and remuneration report
numero società
number of companies
dissenso maggiore su compensi corrisposti
higher dissent on remuneration report
massimo 95.2 100.0 maximum
Operazioni con parti
correlate
Related party transactions
Operazioni di maggiore rileva
nza con parti correlate (OPC)
rie e a condizioni di mercato
CONSOB
Rapporto 2021 sulla corporate governanc
RELATED PARTY TRANSACTIONS
According to the relevant rules of CONSOB
Regulation, material RPTs have been
reported since 2011 by Italian listed companies. Overall such transactions amount
ar), mostly entered into by small-
sized companies (Tab. 4.1 and Tab. 4.2).
Based on the nature of the resource
according to the tunneling taxonomy develop
OPC di maggiore rilevanza delle società qu
otate italiane per indice di mercato
OPC di maggiore rilevanza delle società quotate italiane per settore di attività
RELATED PARTY TRANSACTIONS
Material RPTs by Italian list
ed companies by market index
Material RPTs by Italian li
sted companies by industry
Material RPTs by Italian listed companies by tunneling taxonomy
Material RPTs in the ordinary course
of business subject to exemption by
market index
Material RPTs in the ordinary course
of business subject to exemption by
Material RPTs in the ordinary course
of business subject to exemption by
type of transaction and counterparty
CONSOB
Report 2021 on corporate governance of Italian listed companies
2011-2021
Ftse Mib
6 3 4
Ftse Mib
Mid Cap
Mid Cap
6 15 5
other
totale 80
2011-2021
19 16 19
industriale
industrial
15 16 1
oggetto
(% sul totale)
2011-2021
object
attività
25.0
31.0
56.3
40.4
49.1
43.9
51.5
cash flow
capitale
18.8
17.5
equity
100.0
100.0
100.0
100.0
100.0
– Cont. –
RELATED PARTY TRANSACTIONS
Cont. Tab. 4.3
controparte
(% sul totale)
2011-2021
counterparty
azionista di controllo/riferimento
75.0
82.8
controlling or major shareholder
17.5
15.8
12.5
subsidiary or associate company
amministratore
100.0
100.0
100.0
100.0
100.0
2011-2021
Ftse Mib
8 3 8
Ftse Mib
Mid Cap
Mid Cap
— 6 1
other
totale 38
2011-2021
8 — 5
industriale
industrial
3 10 12
89 services
Tab. 4.6
OPC di maggiore rilevanza ordinarie e a condizioni di mercat
oggetto
(% sul totale)
2011-2021
object
fornitura di beni/servizi
50.0
34.8
supply of goods and services
23.7
47.1
13.8
28.4
financing/financial services by banks
35.2
other transfers
totale 100.0
100.0 100.0 100.0 100.0 total
controparte
(% sul totale)
2011-2021
counterparty
azionista di controllo/riferimento
86.8
87.9
controlling or major shareholder
17.2
subsidiary or associate company
amministratore
10.5
— — —
100.0
100.0
100.0
100.0
100.0
RELATED PARTY TRANSACTIONS
Avvertenze
Nelle tavole sono adoperati i seguenti segni convenzionali:
— rilevazione quantitativa nulla;
— fenomeno non esistente;
…. fenomeno esistente ma dati non noti;
.. i dati non raggiungono la cifra significativa dell’ordine minimo considerato.
L’eventuale mancata quadratura dell’ul
tima cifra è dovuta agli arrotondamenti.
Instructions
The conventional signs are used in the tables:
— quantity identified as zero;
— the phenomenon does not exist;
…. the phenomenon exists but the figures are unknown;
.. the figures are below the significance threshold.
Rounding may cause deviation from total figure.
CONSOB
Report 2021 on corporate governance of Italian listed companies
ordinary shares held by shareholders of Italian
Investitori istituzionali rilevanti
(Tab. 1.6 – Tab. 1.11)
Per investitori istituzionali rilevanti si inten-
dono i fondi di investimento, le banche e le
rivate equity
. Di conse-
guenza, al fine di rendere le serie comparabili
rivate equity
sono incluse se
superiori al 5%, mentre gli altri investitori
sono inclusi se la loro partecipazione è supe-
riore alla soglia iniziale di comunicazione del
La voce ‘partecipazione media’ si riferisce alla
media semplice delle partecipazioni degli
investors (art. 119 bis, par. 7 and 8 of CONSOB
‘Mean shareholdings’ refers to simple mean o
shareholdings by institutional investors in all
listed companies where at least one
institutional investor of the relevant category
is present.
voting rights in ordinary shareholders’
voting rights in ordinary shareholders’
ORGANI SOCIALI CORPORATE BOARDS
Fonte dei dati
Comunicazioni alla CONSOB da parte delle
directors appointed by the shareholders’
directors and a board of statutory auditors
le voci ‘manager’, ‘consulente/professio-
nista’ e ‘accademico’ fanno riferimento al
background
professionale prevalente dei
la ‘partecipazione alle riunioni’ degli
organi di amministrazione e controllo
tiene conto solo dei membri in carica per
almeno 200 giorni nel corso dell’anno di
riferimento.
‘managers’, ‘consultants/professionals’
and ‘academics’ refer to prevailing
professional background of board
household, personal, and fashion products.
Presenza femminile nei
(Tab. 2.26 – Tab. 2.31)
Si rappresentano gli incarichi negli organi
statutory auditors.
‘Diverse-board companies’ are firms where at
least one female director sits on the board.
Applicazione delle norme sulle quote di
genere (Tab. 2.27)
La Tabella mostra la distribuzione delle
Ruoli delle donne nei
La Tabella riporta i dati su specifiche posizioni
ricoperte da donne nei consigli di amministra-
zione. Non necessariamente ciascuna donna
ricopre una delle posizioni indicate, mentre
alcune donne potrebbero ricoprire più di una
delle posizioni indicate.
erbali delle assemblee delle prime 100
oto sulla politica di remunerazione
(Tab. 3.4 – Tab. 3.6, Tab. 3.10)
La normativa in materia di voto degli azionisti
prevedeva un voto consultivo (non vincolante)
da parte dell’assemblea (banche e assicura-
oto sui compensi corrisposti
(Tab. 3.7 – Tab. 3.10)
Ai sensi della nuova normativa sui diritti degli
azionisti, dalla stagione assembleare del 2020
è previsto anche un voto consultivo sulla
sezione della relazione sulla remunerazione
che illustra i compensi corrisposti per l’eser-
cizio precedente (cosiddetto
remuneration
Ai fini del presente Rapporto, il dissenso
include sia i voti contrari sia le astensioni.
Vote on the remuneration report
(Tab. 3.7 – Tab. 3.10)
In accordance with the latest rules, an
advisory (non-binding) vote by shareholders
on the remuneration report was introduced in
the 2020 proxy season.
For the purposes of this Report, dissent votes
include both votes against and abstentions.
CONSOB
Report 2021 on corporate governance of Italian listed companies
of Italian listed companies
Il Rapporto sulla corporate governance