The Investor Relations events held in the virtual format made it possible to have even more numerous and frequent meetings with Australian and American portfolio managers, also given the attention of Italgas representatives in ensuring adequate access to counterparts whose time zone is very different from that of Italy.
In any case, even investors on the buy-side hope to resume meetings in person as soon as possible, with the aim to maximize their effectiveness.
A particularly important event was the Annual Shareholders' Meeting, which was held on 12 May 2020 under completely unprecedented conditions. Despite the ongoing health emergency required Shareholders to participate exclusively by means of the Company's designated representative, Italgas offered the possibility to follow the Shareholders' Meeting in live streaming on the Company’s website. Despite all, the percentage of voting capital at the Shareholders' Meeting remained at a high level: 748 shareholders attended, representing 77.2% of the share capital. This compares with an attendance of 78.3% recorded at the 2019 Annual General Meeting.
Italgas also held conference call presentations, with webcasting accessible to all on the Company’s website, for the release of full-year 2019 results, as well as for all the quarterly results of 2020. To keep the financial community informed at a time of uncertainty, on 11 June 2020, Italgas also held an update presentation on its 2020 performance. On 30 October 2020, the senior management illustrated targets and guidelines of the new 2020-2026 Strategic Plan, again through a webcasting of the conference call.
The introduction of the MiFID II directive, which is in force since 2018, even in 2020 has produced a general reduction in the equity analyst coverage. Nonetheless, Italgas stock continues to be followed by a large and qualified group of sell-side analysts. Compared to other utilities with similar market capitalization, the coverage of Italgas shares stands out not only in terms of numbers, but also for the presence of pan-European brokers that boast excellent rankings.
Leveraging on continuous transparency and proactive engagement of analysts, Italgas can count on the unsponsored coverage of the following 18 brokers: