Azione di Risparmio (Italy)

Azioni di risparmio are "savings shares", Italian securities that are only issued by listed Italian companies. They differ from ordinary shares in two ways: first, the savings shareholder does not have the right to vote either at ordinary or extraordinary shareholder meetings; second, the savings shareholders earn a higher dividend than ordinary shareholders.[1][2] They are therefore analogous to preferred shares. Savings shares, like any other type of share without voting rights in Italian shareholders' meetings, may be issued for up to 50% of a company's share capital.[3]

These shares therefore appeal to the so-called "cassettisti", investors who buy a share for its annual dividends rather than for price appreciation and who are less interested in the dynamics of the business's management.[3]

Change of company structure

A company that issues savings shares is required to change its internal organizational structure; two entities are established to protect the interests of these shareholders:

  • A "Special Assembly", which must approve resolutions of shareholder general meetings if they prejudice the rights of saving shareholders.
  • A "Common Representative": an institutional appointee that provides for the implementation of the resolutions of extraordinary shareholder meetings, and has the right to attend general meetings.[4]

References

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