We have around 41,000 shareholders, split between institutional investors, retail investors, and parties to the shareholders' agreement. In recent years, the role of the shareholders' agreement has diminished significantly, with the balance shifting towards institutional investors, who have now overtaken it in terms of share capital held.
Since 2003, the proportion of institutional investors has steadily increased while the role of the shareholders' agreement has declined significantly, from almost 60% to the current 29%. In any case, the shareholders' agreement continues to provide stability to the ownership structure and helps ensure a consistent management approach. The reduction in the weight of the shareholders' agreement has been accompanied by a considerable increase in the geographical diversification of the shareholder base. Today only 13% of the institutional investors are Italian, while the remainder come primarily from the United States (34%), the United Kingdom (24%) and the rest of Europe.
As at 1/01/2018
As at 24.04.2018, the shareholder structure is as follows (stake over 3% shares):
|Shareholder||No. of shares||% SHARE CAPITAL|
|Gruppo Black Rock (*)||44,362,188||5.01|
* Black Rock Inc. (NY) through fifteen asset management subsidiaries, 0.12% of which potential investment and 0.39% contracts of differences
** Mod, 120 4/06/2018
Subscribed share capital totals € 443,126,470.00 , represented by 886,252,940 shares with a par value of € 0.50 each. The shares are registered and each share gives the right to one vote in general meetings.