Azione di Risparmio (Italy)

An Azione di Risparmio (plural: Azioni di Risparmio) is a type of preferred share found in the Italian stock market (Borsa Italiana). The term translates literally to "Savings Share" or "Savings Stock." These shares are issued by listed companies in Italy and are designed to attract small investors by offering certain advantages, most notably preferential dividend rights.

Azioni di Risparmio generally offer a higher dividend yield than ordinary shares (azioni ordinarie) of the same company. This higher yield is often guaranteed, meaning that even if the company's profits are low, the savings shares are entitled to a minimum dividend payout. However, this preferential dividend right usually comes at the cost of voting rights in ordinary shareholders' meetings. Therefore, holders of Azioni di Risparmio typically do not have the right to vote on matters such as the election of directors or major corporate decisions.

The specifics of the preferential dividend rights and any other specific rights associated with Azioni di Risparmio are detailed in the company's articles of association (statuto). Investors should carefully review these documents before investing in such shares to understand the exact terms and conditions.

The issuance of Azioni di Risparmio is regulated by Italian corporate law and the rules of the Borsa Italiana. Their purpose is to provide companies with a mechanism to raise capital from retail investors who prioritize income generation over governance influence.