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December 2019

05. Stakeholder Engagement activities dedicated to investors
Data di pubblicazione:

The dense schedule of investor meetings for 2019 as well as the broad and qualified analyst coverage represent the achievements of well-targeted efforts in terms of Investor Relations. An effective relationship with stakeholders is an essential premise to have both an adequate shareholder base that can support Company’s growth and stock prices that reflect fundamentals and perspective value-generation.


Within the framework of its stakeholder-engagement activities, during 2019 Italgas pursued several initiatives aimed at cultivating the relationship with investors.

These activities are not just limited to the engagement of shareholders, as they also involve institutions that are potentially interested in investing in Italgas shares, with the aim of consolidating the shareholder base, as well as expanding and diversifying it overtime.

In the roadshow program that took place during the year, Italgas senior management met with investors in ten different financial centers located throughout Europe, North America and Australia:

Geneve, Zurich, Paris, Frankfurt, London, Milan, Toronto, New York, Boston and Sydney

During IR-only roadshows, i.e. roadshows attended by the Investor Relations team, investors were also met in

Bruxelles, Luxemburg, Helsinki and Rome


In total, during the roadshows, Italgas had:

representing around 152 million shares, around 19% of total share capital and 34% of free float.

To organize such meetings, Italgas could count on the support of 12 different brokers that were pan-European for the most part.

Apart from roadshows, Italgas had a number of additional occasions for meeting and dialoguing with investors. Besides the Annual Shareholders Meeting, Italgas organized presentations and webcasts for the approval of the 2019-2025 Business Plan and the release of 2018 full-year and 2019 quarterly results.

As a whole, 790 shareholders attended the Annual General Meeting, together representing 78.26% of the Company’s share capital; among them, 70 were institutional investors.

The conference calls for the presentations of the Business Plan and the quarterly results on average had 30 to 40 investor connected.

Concerning the relationship with the sell-side, in 2019, the Italgas stock could count on a broad coverage from analysts, even more valuable when compared with the coverage of stocks with comparable market capitalizations.

They are the following 21 brokers:

MiFID II directive – effective from 3 January 2018 – in the last two years deeply changed the relationship between sell-side and buy-side, i.e. between brokers and asset managers, putting pressure on listed companies. The Investor Relations teams had less support than before in organizing meetings with investors and saw their coverage declining, as a result of the downsizing of analysts in research departments.

Despite the context change, the above-mentioned metrics indicate that the new directive had no impact on Italgas, as the Company could leverage on solid credibility as an issuer, a strong equity story and its proactive attitude toward stakeholder engagement.