ITALY: 2022 PROXY SEASON REVIEW, SAY ON CLIMATE, GENDER DIVERSITY, REM AND ESG IN THE BOARDROOM
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.Morrow Sodali is pleased to present a video featuring
- 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.