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2021 Report on corporate governance of Italian listed companies

Corporate governance of Italian listed companies



The Report on corporate governance of Italian listed companies provides evidence on ownership, corporate boards, annual general meetings and related party transactions, on the basis of data obtained from supervisory statistical reports and information disclosed by listed companies.
The 2021 Report examines for the first time directors' sustainability and digitization skills for medium and large-sized companies.


Ownership and control structure
The ownership concentration of Italian listed companies has slightly fallen over time, as shown by the share of the largest shareholder, averaging 47.6% in 2020 vs 48.7% in 1998. ... more


Corporate boards and board diversity
The governance of Italian listed companies continues to be characterized by the prevalence of the traditional management and control model. ... more


Sustainability and digital skills of directors
tIn consideration of the structural developments related to sustainability and digital transformation and of their impacts on corporate business and strategy, directors' specific skills are investigated for medium and large-sized companies (i.e. companies belonging to the Ftse Mib, Mid Cap and Star indices). ... more


Gender diversity
Women representation on corporate boards of listed companies has reached an all-time high in the Italian market (41% of appointments), as a result of the rules on gender quota (Law no. 120/2011 and Law no. 160/2019). ... more


Annual general meetings
In 2021, shareholders' participation in the meetings of the 100 largest listed companies increased compared to the previous year (74.6% of share capital on average, compared to 73.6% in 2020). ... more


Related party transactions
Over 2011-2021, material Related party transactions (RPTs) disclosed by Italian listed companies amount to 670 (41 in 2021 and on average 61 per year), mainly by small-sized companies. ... more



The Report was prepared by:
Nadia Linciano (coordinator) - CONSOB, Head of Research Department (
Angela Ciavarella - CONSOB, Corporate Governance Department (
Giovanna Di Stefano - CONSOB, Economic Studies, Research Department (
Rossella Signoretti - CONSOB, Corporate Governance Department (
Lucia Pierantoni - CONSOB, Economic Studies, Research Department (
Eugenia Della Libera - CONSOB, Economic Studies, Research Department (
Elena Frasca - CONSOB, Economic Studies, Research Department (

The opinions expressed in the Report are the authors' personal views and are in no way binding on Consob.  


Full text [PDF format]
Time series of data [excel format]


ISSN 2281-535X [online]