The presence of the women in the top positions of president and chief executive officer in Italian companies listed on the stock exchange. Furthermore, the participation of institutional investors, especially foreign ones, in the shareholding of companies on the Milan Stock Exchange is decreasing. These are some of the main new elements contained in the Consob Report on corporate governance for 2025. It is also worth noting the increase in the weight of companies that have adopted the corporate governance model of the type monistic, the now structural presence of independent directors and the strengthening of minorities on boards of directors. The trend towards delisted: at the end of 2025 they were listed in Milan 185 Italian companies versus 196 at the end of 2024.
In a context characterized by indicators that show little significant change compared to 2024, the female representation on boards of directors is nearly 44% (above the legally required minimum threshold of 40%). In approximately one in five companies, women are equally or more represented than men, recording continuous growth over the last three years (19% in 2025 compared to 15,2% in 2023 and 15,9% in 2024).
Listed companies: what the Consob report says
However, the Consob report highlights a downward deviation regarding women in presidential positions: 21 in 2025 versus 24 the previous year. The same applies to CEO positions: 17 cases versus 18 in 2024. The presence of institutional investors exceeding the relevant thresholds (3% or 5%) in the capital of listed companies on the Milan Stock Exchange is also declining. In 2024, there were 53;
in 2025, instead, 46.
Furthermore, the Consob report confirms the high ownership concentrationAt the end of 2025, the shareholding held by the largest shareholder averaged 48,7%, a slight increase compared to recent years, indicating limited contestability for control. In terms of governance models, while the traditional model remains prevalent, the weight of listed companies adopting alternative structures has increased over time, particularly the one-tier system, which at the end of 2025 represented approximately 24% of market capitalization compared to 20% the previous year. Conversely, the number of cases of enhanced voting rights is growing (13 companies). For the first time, the Report also highlights the contribution of Italian pension funds, present in approximately two-thirds of shareholders' meetings but with small stakes.
La shareholder participation to the meetings of the companies of the Ftse Eb It is high (73% of capital) and slightly increasing compared to 2024. Regarding corporate bodies, the main trends of recent years are continuing. Boards of directors remain stable in size (an average of approximately 9,7 members) and now feature a structural presence of independent directors, who represent over half of the members. At the same time, the role of minority shareholders is strengthening, with approximately 70% of companies including at least one minority director (compared to 66,5% in 2024).
