Italy: 2022 Proxy Season Review

Morrow Sodali is pleased to present a video featuring Andrea Di Segni, Senior Managing Director, Fabio Bianconi, Managing Director and Cesare Schiavon, Manager, Corporate Governance, at Morrow Sodali, outlining the key findings from the 2022 proxy season in Italy as detailed in the recent Lighthouse Europe edition.

Findings include:

• Like in previous years since the COVID-19 outbreak, all issuers held AGMs remotely. Italian assemblies registered a slight increase in the representation of the free float, from 33.6% of share capital in 2021 to 34% of share capital in 2022, continuing the positive trend of recent years.
• Board gender balance stands at 43% on average. This important result has been made possible through the legislative context which requires issuers to compose their main corporate bodies (board of directors and board of internal statutory auditors) with at least 40% of the less represented gender.
• Average approval rates of both the Remuneration Policy and Report have increased, i.e. from 88.4% to 90.4% y.o.y. for the approval of the Remuneration Policy and from 85.8% to 89.6% y.o.y. for the approval of the Remuneration Report. More significantly, the average level of support from institutional investors increased by 6.2 p.p. on the Remuneration Policy and by 9.3 p.p. on the Remuneration Report.

Find out more insights regarding the key trends and common themes emerging from shareholder meetings across the markets in Europe (France, Germany, Greece, Italy, Portugal, Spain, Switzerland and the UK) by downloading the full edition of Lighthouse Europe. This edition includes an in-depth analysis of Say on Climate, Gender diversity and E&S in the boardroom, as well as investor insights Q&A with BNP Paribas Asset Management, Legal & General Investment Management (LGIM), and UBS.