2026 Shareholders’ Meeting Season and Perspectives: the system's evolution

The fourth edition of the event organized by Chiomenti in collaboration with Georgeson provided an opportunity to discuss the main trends that emerged during the 2026 Shareholders’ Meeting Season, the implications of the reform of the Consolidated Law on Finance (TUF), and the prospects for the development of the Italian and European Capital Markets.

The 2026 Shareholders’ Meeting Season and the evolution of the system were at the center of the event organized by Chiomenti in collaboration with Georgeson, held on 2 July at the Auditorium of the firm’s Milan office.

The meeting brought together investors, issuers, institutions, market operators and industry experts to analyze the main trends that emerged from the 2026 Shareholders’ Meeting Season and to reflect on the transformations affecting the Capital Market and the regulatory framework, in light of the recent reform of the Consolidated Law on Finance (TUF) and the evolution of engagement practices between companies and investors.

Following opening remarks by Gregorio Consoli, Managing Partner at Chiomenti, and Stefano Marini, Senior Advisor at Georgeson, Paolo Valensise, Partner at Chiomenti and Full Professor of Commercial Law at Roma Tre University, outlined the main directions of the recent reform of the Consolidated Law on Finance (TUF), emphasizing that it represents a step in a broader path toward the modernization of the Capital Market and the governance of listed companies. In particular, the expansion of areas of statutory autonomy and the greater flexibility may support governance solutions that are better aligned with the characteristics of individual companies and market needs, the effectiveness of which may be assessed in light of future practical applications and the market’s actual level of appreciation.

Francesco Surace, Head of Corporate Governance Italy at Georgeson, presented the results of the analysis of the 2026 Shareholders’ Meeting Season. The study shows a high level of participation in the shareholders’ meetings of FTSE MIB companies, with an average quorum of 73.17%, accompanied by growing support for remuneration policies and an increasingly central role of governance issues in investors’ decision-making. The analysis also highlighted the increasingly relevant role of institutional investors and the emergence of new priorities on the agenda of listed companies, including the integration of artificial intelligence into corporate strategies and business processes, with growing attention to oversight, risk management and regulatory compliance.

These findings were further explored in the panel discussion “The 2026 Shareholders’ Meeting Season”, moderated by Alberto D’Aroma, Senior Account Manager at Georgeson, with the participation of Gianluca Antipasqua, Head of Southern European Research at ISS STOXX, Maria Carmela Falcone, Of Counsel at Chiomenti, Gaia Mazzucchelli, Director at BlackRock Investment Stewardship, and Nevio Quattrin, Head of Investor Relations at Avio. The discussion highlighted how shareholder voting is increasingly the outcome of an ongoing dialogue between companies and investors, developed through engagement activities that take place before the Shareholders’ Meeting and contribute more and more to the formation of voting decisions.

The implications of the reform of the Consolidated Law on Finance (TUF) for listed companies were the focus of the panel moderated by Italo De Santis, Partner at Chiomenti, with the participation of Umberto Baldi, Chief Legal Officer at Snam, Lorenzo Casale, Head of Market Italy at Georgeson, Giuseppe Catalano, Company Secretary and Head of Corporate Affairs at Assicurazioni Generali, and Domenica Lista, Secretary of the Board of Directors and Corporate Bodies Affairs Secretary at Leonardo. The panel examined the main innovations introduced by the reform and their impact on shareholders’ meeting dynamics, corporate governance, the management of information flows, and the functioning of administrative and supervisory bodies.

The event concluded with a round table moderated by Fabio Tamburini, Editor-in-Chief of Il Sole 24 Ore, featuring Massimo Tononi, President of Banco BPM, Andrea Beltratti, President of REVO Insurance, and Alessandra Balbo, General Director of the Capital Markets Steering Committee at the Ministry of Economy and Finance. The discussion focused on the challenges and opportunities for the Italian Capital Market in the European context, highlighting the need to strengthen its competitiveness and attractiveness through greater market integration and a regulatory framework capable of supporting the growth of businesses and investments.