(Reuters) – Italian engineering group Maire plans to amend its increased voting rights mechanism in a move aimed at strengthening its shareholder base and rewarding long-term investors, it said on Monday.
Italy introduced in March a law aimed at stemming relocations to the Netherlands, where corporate governance rules help established shareholders to keep a tight grip on companies.
One provision of the Italian law allows listed companies to issue shares that boost up to 10-fold the voting rights of long-term investors.
Maire called an extraordinary shareholders meeting for Dec. 19 to propose granting an extra vote for each share held continuously every 12 months, for up to 10 votes.
Currently Maire shareholders are granted a sole extra vote on their share after 24 months.
Maire said the amendment would allow the entry of new shareholders who share its industrial and sustainability goals, and facilitate decision-making by its management.
(Reporting by Philippe Leroy Beaulieu and Alessandro Parodi in Gdansk; Editing by Keith Weir)
