The Statement was delivered to policy makers on 2nd February 2015.
As new signatories join this initiative, the updated information will be presented to policy makers on a daily basis until the conclusion of the parliamentary debate. The original lists of signatories will be updated continually.
27th March 2015: Follow-up Letter by Institutional Investors to 100 Top Italian Issuers
5th February 2015: Response from Minister Padoan: Extension to exemption clause on supermajority requirement ruled out
5th February 2015: Speaking on behalf of the group of international investors that weighed into the debate and whose assets collectively exceed US$8.8 trillion, Sacha Sadan, Director of Corporate Governance at Legal & General Investment Management, a London-based asset manager with assets under management of €609bn*, commented:
“We support the basic principle of “one share, one vote”, and therefore very much appreciate the government’s responsiveness to the concerns expressed by a number of parties, including academics, lawyers, journalists as well as international investors and advisors. This decision sends a strong message to the markets that the Italian government is serious about attracting international investment and safeguarding good governance standards in line with global best practice. This exercise has also reinforced the sense that investors can work effectively with board directors and Italian policy makers to protect long-term value, for the benefit of both shareholders and the broader Italian economy”.
*as at 30 September 2014