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[edit]
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[edit]
- ^ "Azioni di risparmio - Ultime notizie su Azioni di risparmio". Il Sole 24 Ore.
- ^ "Intesa Sanpaolo: ok a conversione azioni risparmio. Le informazioni utili". money.it. 2 May 2018.
- ^ a b "Le azioni di risparmio". soldionline. 15 April 2009.
- ^ "Azioni di risparmio". Diritto Privato in Rete.