With the financial statements meetings in the coming months, 214 corporate bodies will be renewed, including 118 boards of directors and 96 boards of auditors, in 155 companies of the Ministry of Economy and Finance, both directly and indirectly owned; they are currently composed of 842 people, of whom 516 directors and 326 auditors.
This emerges from the ninth edition of the analysis by the CoMar Study Center, chaired by Massimo Rossi, on the governance of all state-owned companies.
All the details.
THREE-YEAR TERMS EXPIRING FOR MPS, ENAV, ENEL, ENI, LEONARDO, POSTE AND MORE
This year is particularly significant because the three-year terms of many of the largest companies are ending: the listed Banca MPS, Enav, Enel, Eni, Leonardo, Poste Italiane, Terna; but also expiring are Amco, Consap, Equitalia Giustizia, Infratel, IPZS, PagoPa, Ram, RFI, Trenitalia, Sogesid, Sogin, Sport e Salute, Stretto di Messina, Sviluppo lavoro Italia, Techno Sky, Valvitalia, numerous subsidiaries of Autostrade dello Stato, Eni, Enel, Invitalia, Leonardo, Poste, Sace, of the GSE (AU, GME and RSE) and of Rai (Rai Com, Rai Cinema, Rai Way).
THE NUMBERS FROM THE LATEST FINANCIAL STATEMENTS
CoMar has calculated, based on the latest financial statements, that the companies for which renewal is scheduled in 2026 report revenues of 206 billion euros, profits of 16.5 billion, with 288,120 employees; as of April 2, their stock market capitalization was over 282.6 billion euros. More specifically, of the total 842 people expiring, 158 sit in 21 companies directly controlled by the MEF (118 directors and 40 auditors), while 684 are in 134 indirectly controlled companies (398 directors and 286 auditors), through its various parent companies.
214 CORPORATE BODIES TO BE RENEWED
2026 is also significant quantitatively, because if this year the expiring bodies are 214 with 842 members, in previous years they have always been fewer: 187 bodies with 736 members in 2025; 154 bodies with 694 members in 2024; 142 and 610 in 2023.
APPOINTMENTS EXPECTED FROM THE MEF
CoMar’s analysis also highlights that, from November 1, 2022, to March 31, 2026, considering only the boards of directors, a total of 1,276 have been appointed, either newly or reappointed, in the Mef’s first and second-level subsidiaries; if to these already made are added the 516 directors expected shortly, in 4 years the appointed directors will be 1,792. It is noteworthy that all these board members represent not only the MEF but, significantly, also other shareholders, according to the usual selection and representation mechanisms.
FOCUS ON GENDER BALANCE IN BOARDS
Among the criteria to be followed for appointments is gender balance, a topic to which CoMar dedicates a focus. Currently, of the 842 members of the outgoing corporate bodies in these months, women are 322, equal to 38.2% overall; a progressively growing figure considering that they were 31.3% in those renewed in 2021 and less than 28% in all previous years. Percentage-wise, women are more present in companies directly controlled by the MEF (51 women directors out of 118 total directors, equivalent to 43.2%) compared to indirect ones (163 women directors out of 398 total directors, or 41.1%); in the expiring boards of auditors, women are 108 out of 326, thus 33.1%).
TIMING FOR THE MEF LISTS FOR STATE-OWNED COMPANIES
Regarding timing, CoMar recalls that the ordinary shareholders’ meetings of companies must be held within 180 days from the end of the fiscal year. The lists with the names are filed by the shareholders within the 25th day prior to the date of the meeting.
