Azioni di risparmio are "savings shares", Italian securities that are only issued by listed Italian companies. They differ from ordinary shares in two ways: first, the savings shareholder does not have the right to vote either at ordinary or extraordinary shareholder meetings; second, the savings shareholders earn a higher dividend than ordinary shareholders. They are therefore analogous to

preferred shares Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt inst ...

. Savings shares, like any other type of share without voting rights in Italian shareholders' meetings, may be issued for up to 50% of a company's share capital. These shares therefore appeal to the so-called "cassettisti", investors who buy a share for its annual dividends rather than for price appreciation and who are less interested in the dynamics of the business's management.

Change of company structure

A company that issues savings shares is required to change its internal organizational structure; two entities are established to protect the interests of these shareholders: * A "Special Assembly", which must approve resolutions of shareholder general meetings if they prejudice the rights of saving shareholders. * A "Common Representative": an institutional appointee that provides for the implementation of the resolutions of extraordinary shareholder meetings, and has the right to attend general meetings.

References

{{reflist Securities (finance)