A seminar was held on Thursday, 8th February, at the Embassy of Italy in London, organised in collaboration with Assogestioni, an Italian association of asset-management companies. The seminar examined corporate governance in Italy and instruments for protecting the rights of minority shareholders in listed companies.
Following the opening address by Ambassador Raffaele Trombetta and presentations by Prof. Marco Ventoruzzo of Bocconi University and Fabio Galli, the director general of Assogestioni, an informative and stimulating panel discussion was held, moderated by Massimo Menchini, the head of the company’s Corporate Governance and Institutional Relations department.
The panel, consisting of investors and representatives of London’s financial industry, discussed a number of issues concerning the Italian model of corporate governance. The introductory presentations focused on list voting, a mechanism that is not used in other countries and that was introduced into Italian law in stages between 1994 and 2005. This system of voting introduces balance and stability into decision-making processes and has helped improve the quality of the information available to investors and shareholders.
The panel then looked at some of the asymmetries that persist in the Italian system, such as the fact that the directors of a parent company have the power to appoint the directors of the a subsidiary of the company.
There was consensus that Italy has a particularly well developed system of corporate governance, especially in terms of protecting the rights of minority shareholders and incentivising them to participate in company activities, thanks in part to the work done by players such as Assogestioni. Ambassador Trombetta highlighted the association’s important work to promote a modern, highly developed culture of corporate governance in Italy. He also noted that, thanks to its prominent role, Assogestioni has helped shape regulating the sector, including at EU level, providing crucial guidance, particularly during the Italian presidency of the EU Council in the second semester of 2014.
Note on Assogestioni
Assogestioni is an Italian association of asset-management companies. It was founded in 1984 by the first companies of this type. It has facilitated growth of managed assets in Italy through constant dialogue with institutions, regular collaboration with the media and promotion of better financial culture among savers. It currently has over 290 members, primarily Italian asset-management companies but also high-level foreign investment managers, banks and insurance companies. Assogestioni offers its members consultancy and support with various company matters and facilitates dialogue with institutions and operators in the sector on issues of investment, protection of savings, corporate governance and regulatory and operational innovation in the industry.
As a member of the European Funds and Asset Management Association (EFAMA), Assogestioni also plays a major role in shaping European regulations on asset management.
