LEXIA Avvocati is a sponsoring member of AIEDA, Associazione Italiana per l’Esercizio dei Diritti degli Azionisti (the Italian Association for the Exercise of Shareholders’ Rights)
AIEDA is a non-profit association founded by a group of professionals, managers and entrepreneurs, with a view to promoting and encouraging the activism of minority shareholders of Italian listed companies and the submission of lists of independent candidates for the election of minority members to corporate bodies, including by requesting proxies.
In particular, AIEDA intends to launch, as a promoter, solicitations of proxy votes – a mechanism which, so far, has not been much used in Italy by minority shareholders – for the presentation of lists of independent candidates, based on criteria ensuring compliance with requirements of integrity, fairness, professionalism and independence which are stricter than those required by law and by the self-governance code, paying particular attention to the skill level in relation to the role for which each candidature is submitted. Candidates are selected by AIEDA itself through a Faculty of professionals and managers of the highest standing, open to anyone to apply.
Francesco Dagnino, Partner of LEXIA Avvocati and Founding Partner of AIEDA commented: ‘The support provided by LEXIA to the association is prompted by a desire to fill an ‘empty space’ in the governance of Italian listed SMEs, contributing to improve corporate governance in the interest of all shareholders, the attraction of funds and the efficiency of the financial market. The exercise of the rights of minority shareholders’, continues Francesco Dagnino, ‘represents a crucial issue in corporate governance of companies listed on regulated markets. In that context, the legislator and CONSOB have prepared several instruments over time in order to counterbalance the power of the controlling shareholders; of these, the right of minority shareholders to appoint at least one member of the board of directors and the chairman of the board of auditors certainly constitute a key instrument to potentially prevent abusive conduct by the controlling shareholders. Nevertheless, in 2015, according to data provided by Assonime, fewer than 36% of listed SMEs had a director representing the minority, as a result of the failure to submit minority lists. The picture is much the same as regards minority auditors’.
AIEDA’s membership is open to anyone (corporate, individual and sponsor members).
Founding members are Dario Pardi – President – Francesco Dagnino – Vicepresident – Valentino Bravi, Claudio Caruso, Giancarlo Ciacciofera, Nicolo Locatelli, Antongiulio Marti, Vincenzo Macaione and Federico Protto. Supporting members, in addition to LEXIA Avvocati, are CDR Communication, Primus Capital and SIFA Press.
Additional information can be found on the website www.aieda.it
