2021 marked a new historic record in listed companies: after years of efforts and regulations on gender quotas, women are finally starting to make their way to the top of companies. Despite this, the glass ceiling is still there, clearly visible in the very small percentage of women who manage to conquer the seats of CEO or president. This is certified by the tenth edition of Consob report on Corporate Governance of listed companies published on March 28. A study that provides evidence on ownership structures, corporate bodies, shareholders' meetings and transactions with related parties in 2021.
Listed companies: record number of women on boards
in 2021, 41% of directorships in listed companies it was exercised by women. A percentage that represents the all-time high reached on the Italian market to which the effect of the regulations on gender quotas also contributed.
The 131 companies that have applied the two-fifths gender quota envisaged by law 160/2019 count on average 4 women on their boards (almost 44% of the board), while in the remaining companies the data on the presence of women is only marginally lower, underlines Consob, according to which "the entry of women has contributed to modifying the characteristics of the members of the boards of directors, lowering their average age, raising the share of graduates and increasing the diversification of professional profiles”.
Despite the progress made, there is still a long way to go. At the end of 2021, in fact, only 16 companies, a number that corresponds to 2% of the total market value, could count on a woman in the role of CEO. Only 30 broadcasters (20,7%) had instead elected a female representative in the role of president of the administrative body. Often (in 3 out of 4 cases) women are instead entrusted with the position of independent director. "Finally, in 30% of cases (-4,9% compared to 2019 ed.) women hold more than one administrative position (interlockers), a circumstance that occurs more frequently than men", highlights the report .
Digitization and sustainability: the road is still long
By virtue of the profound structural evolutions underway in the field of sustainability and digitization and their growing relevance for business activities, the report also surveyed for the first time the skills of the administrators in these areas of medium-large companies belonging to the Ftse Mib, Mid Cap and Star indices. However, the results are not encouraging. At the end of 2020, only 14,6% of directors possessed sustainability skills (the figure is higher for larger companies and among women), while 16% had digital skills, again higher among women, while there are no differences based on the size of the firms.
Going forward with the data, the share of companies with at least one director with sustainability or digital skills stands at around 72% and just over 74% respectively; 28% have administrators with both profiles. Finally, 93 companies at the end of 2020 had a sustainability committee.
The ownership and corporate bodies of listed companies
At the end of 2020, the average share of the leading shareholder of Italian issuers was close to 47,6%, while households continue to be the main shareholders of reference in 64% of cases. Compared to the previous year, the presence of institutional investors among the relevant shareholders decreased, while an increase was recorded in the presence of Italian institutional investors, who hold a significant shareholding in 18 listed companies.
“The progressive reduction in the diffusion and intensity of the separation of ownership and control, with a decrease in the incidence on the list of companies belonging to a vertical group. On the other hand, the diffusion of the increased vote, envisaged at the end of 2020 in the statute of 64 issuers, representing just over 17% of the total market value, is increasing.
La average size of boards of companies is equal to around 10 directors, with a 10% increase compared to 2011 in the share of independent members, which reached 50% of the total. The share of companies with at least one minority director is also growing (over 56% of listed issuers vs around 37% in 2011).
Shareholders' meetings and transactions with related parties
In 2021, on average, 74,6% (+5% compared to 2012) of shareholders attended company meetings, Italian institutional investors attended 95 meetings, the highest figure since 2012. On average, the remuneration policies in force were approved with a favorable vote by around two-thirds of the share capital and by almost 90% of the share capital represented at the meeting
Finally, regarding transactions of greater significance with related parties (OPC), from 2011 to 2021, 670 documents were identified (41 in 2021), mostly referring to small companies and transactions that mainly concerned loans or contracts for the supply of goods or the provision of services.
