Azimut: Underlying Issues Result In Shareholder Revolt

Azimut is an asset management company that currently trades on the Italian stock market and is part of the blue-chip index of the Italian market (FTSE MIB). The company offers investment management services and manages open-end mutual and pension funds, as well as offers investment advice and insurance. Azimut distributes its products through financial consultants in northern and central Italy. Azimut's Remuneration practices have not impressed their shareholders for some years now. This article reviews why.

The company's corporate governance and remuneration practice has long been criticized by proxy advisors, investors and other stakeholders. At their 2019 and 2018 Annual General Meetings (AGMs), 31.5% and 22.6% of shareholders voted against the remuneration policy (corresponding to 41% and 46% of minority shareholders).