Governance that creates value
We believe that good governance is an essential instrument for creating sustainable value for shareholders and all stakeholders over time.
Our commitment to strengthen the competitiveness of the Italian production system is based on a management system inspired by the principles of effectiveness, transparency and ethics.
A governance system based on the correct division of powers and the assignment of roles, capable of promoting the best use of capital for the development of companies and preventing, identifying and managing the typical risks of this activity.
Determines business objectives and decisions, plans and defines the investment / disinvestment policies of the Funds and checks the concrete implementation of the same
Formulates proposals to the Board on the remuneration of the Company's top positions
Issues motivated technical opinions, in accordance with the provisions of the individual fund Regulations
Assesses potential conflicts of interest of the AMC, its shareholders and related parties, or of other Fund participants
Carries out supervisory and control functions
Board of Directors
The Board of Directors is made up of 13 members
Barbara Poggiali has been Chairman of Fondo Italiano d'Investimento SGR since May 2022.
Between 2019 and 2020, she was Managing Director of the Cybersecurity Division of Leonardo. Previously, from 2014 to 2017, she was Head of Strategic Marketing of Poste Italiane and Chairman of PosteMobile. Between 2013 and 2014, she was Executive Vice President and Board Member at LUISS University. Between 2011 and 2013 she was a Partner at Earlybird Ventures. From 2004 to 2011, she was Chief Development Officer of RCS MediaGroup where, in 2009, she also served as CEO of Dada. Since 1995 she has held top management positions at Omnitel (now Vodafone Italy), e-Biscom (now Fastweb) and Cable and Wireless Plc. She started her career at McKinsey & Company and then moved to Bain.
Among other positions held, she is currently an independent director of Impresa Pizzarotti & C., of Business Integration Partners, and Epta Refrigeration, a board member and angel investor of My Air Inc., director of Bocconi University, and senior advisor of Klecha.
She obtained a Bachelor of Science, a Master of Science and a PhD. in Engineering from the Massachusetts Institute of Technology - MIT (USA) in 1984, in 1985, and in 1987 respectively.
Davide Bertone has been Chief Executive Officer and General Manager at Fondo Italiano d’Investimento SGR since May 2022.
Over the previous 20 years, he held positions of increasing responsibility at Mediobanca until serving, as of 2019, as Co-Head of Mid-Corporates and Financial Sponsor Solutions. Previously, from 1998 to 2002, he worked for Fiat Group (now Stellantis), until assuming the position of CFO of Fiat Auto Argentina SA.
He graduated in Economics from the University of Turin in 1994.
Gianluca Brancadoro is a Lawyer and founding member of Associazione Professionale Brancadoro – Mirabile.
He is Professor of Commercial Law at the University of Teramo.
He is the author of the monographs "La sollecitazione del pubblico risparmio," "L’amministrazione controllata," "trumenti finanziari e mercato mobiliare," and "Società di capitali e crisi sistemiche," as well as numerous publications on corporate and bankruptcy law.
Legal advisory work (assistance with corporate governance, acquisitions, restructuring and other extraordinary transactions; drafting of contracts, opinions) is carried out for international business groups in the areas of corporate law, financial markets and corporate crisis and restructuring. He conducts litigation, particularly before the Supreme Court of Cassation and in arbitration, including acting as arbitrator or chairman of the Board. He assists major industrial groups, including Webuild, Poste Italiane, Leonardo, Gavio. On behalf of the Bank of Italy, ECB and Consob, he deals with receiverships of banks and other financial intermediaries (recently: Banca Carige, Banca Popolare di Spoleto). His professional activity has led him to deal with the most relevant national cases of corporate crisis, both as extraordinary commissioner and as legal counsel (e.g., Alitalia Lai in a.s., Tirrenia Navigazione in a.s., Astaldi).
He sits on the boards of directors of leading banks, financial and insurance companies. In 1995 he was a member of the Scientific Committee for the reform of bankruptcy law. He is a member of INSOL (International organization for the study of business crisis). In the years 2003-2005, he was a member of the Ministerial Commission for Reform of Company Law. In the years 2005-2009 he served as a board member of IVASS (formerly ISVAP). He was a member of the Promoting Committee of Banca del Mezzogiorno, as designated by the Minister of Economy. In 2012, he was a member of the Working Table for the reform of the bankruptcy law under Decree Law No. 83 of June 2, 2012. Since May 2019, he has been an independent director on the Board of Directors and a member of the Remuneration Committee of AmTrust Assicurazioni S.p.A. Since May 2022, he has been an independent Director of Fondo Italiano d'Investimento, as designated by Cassa Depositi e Prestiti, as well as Chairman of the Compensation and Appointments Committee.
He graduated with honors in Law from University of Rome La Sapienza in 1978 and qualified as a Lawyer in 1981.
Enrico Canu is Head of Funds Investment & Management at CDP Equity.
Between 2017 and 2021 he held the role of Head of Private Equity Unit at the European Investment Bank, where previously he was Co-Head of Fund Investments and Co-Investments - Climate, Environment and Infrastructure.
Between 2006 and 2009 he served as Investment Manager at the European Investment Fund.
Between 2001 and 2006 he worked as Senior Analyst at PM&Partners SGR in Rome and Milan and previously as Analyst at 21 Invest in London.
He graduated in Economics and Banking from the University of Siena. He obtained a Master in Merchant Banking at Carlo Cattaneo University - LIUC and an Executive MBA from Northwestern University - Kellogg School of Management (USA) and WHU - Otto Beisheim School of Management (Germany).
Esedra Chiacchella is Head of Public Administration at Cassa Depositi e Prestiti, where she previously served as Head of Coverage Financial Institutions.
From 2011 to 2019 she worked at Citigroup Global Markets as Head of FIG DCM in Banking Capital Markets and Advisory for Italy, Switzerland and Greece.
Between 2005 and 2011 she was Director in the Debt Capital Market and Capital Advisory Division - FIG at HSBC and from 2001 to 2005 she worked in Natixis at the Debt Capital Market Origination Division FIG covering Italy and Greece.
She started her career at Banca Profilo in Markets, Financial Institutions Division.
As part of other positions she held, she has been a board member of ItsArt since 2021, Fondo Italiano d’Investimento SGR since 2020, and SACE BT since 2019.
She graduated in Economics and Business at Bocconi University in 1999.
Ines Gandini is a Certified Public Accountant and Auditor.
Among other positions currently held, she is a Standing Auditor of Snam SpA and Member of the Board of Auditors of Fondazione La Biennale di Venezia since 2022; a Statutory Auditor of Holding Reti Autostradali SpA (Cassa Depositi e Prestiti Group), Member of the Compliance/Control Body of the Fondazione Milano Cortina 2026 and Statutory Auditor of Nexive Network Srl - Poste Italiane Group since 2021; Independent Director of AS Roma SpA and Statutory Auditor of Cinecittà SpA since 2020; since 2019, she has been an Independent Director of Eurizon Capital Real Asset SGR SpA - Intesa Sanpaolo Group and an Indipendent Director of Fideuram Vita SpA - Intesa Sanpaolo Group; since 2018, she has been a Member of the Board of Auditors and of the Supervisory Board of Leonardo Civiltà delle Macchine Foundation - Leonardo Company Group and, since the same year, an Independent Director of Italo - Nuovo Trasporto Viaggiatori SpA.
She graduated with honors in Economics and Business from the University of Rome La Sapienza in 1993. She has been a member of the Register of Chartered Accountants of Rome since 1993 and a member of the Register of Auditors since 1999. She attended the ESG Analysis & Investing Specialization Course at Politecnico di Milano in 2021 and took part in the Advanced Course in Governance, Risk and Compliance at Luiss Business School in 2022.
Gaia Ghirardi is Head of Policy and Sustainability at Cassa Depositi e Prestiti.
Over the previous 18 years, she held roles of increasing responsibility at UniCredit, serving as Head of Network Footprint Evolution since 2019; she was previously Deputy Head of E2E Delivery Unit and Head of Group Sustainability & Foundation, among other roles she assumed.
Among other positions currently held, she has been a Renovit board member since 2021 and, since 2020, an Observer of the Platform on Sustainable Finance for the European Commission.
She graduated in Economic and Social Sciences from Bocconi University in 1998. She obtained a Master sponsored by UniCredit Management & Banking Academy and SDA Bocconi in 2005 and a Master for Executive Leadership from INSEAD in 2016.
Massimiliano Mastalia is Head of Corporate Italy at UniCredit, Vice President of UniCredit Leasing.
He is Co-Founder and Chief Commercial Officer of Prestatech and Chairman of the Board of Director of Alive Holding. Between 2019 and 2020, he was Equity Partner and Chief Commercial Officer at DEPObank (BFF Bank). Previously, between 2017 and 2019, he served as Head of Corporate Market and PPAA in BNL - BNP Paribas Group. Between 2015 and 2017, he was Head of Corporate and Private Division of Banca Popolare di Vicenza Group. Between 2008 and 2015 he served as Territorial Director Italy of BNL - BNP Paribas Group and before that as Director Territorial Business Center. Between 2003 and 2008 he was Branch and Corporate Area Director at UniCredit Corporate Banking and between 1996 and 2002 Head of Large Corporate Clients at Banca Nazionale del Lavoro.
Member of the Board of Directors in different companies throughout the course of the working career.
He holds a degree in Economics and Banking from the University of Siena and an MBA in Corporate & Investment Banking from SDA Bocconi.
Clelia Menapace is Head of Infrastructure Business Relations at Cassa Depositi e Prestiti.
Duraing the previous 13 years, she held roles of increasing responsibility at Intesa Sanpaolo - IMI Corporate & Investment Banking, dealing with complex project & acquisition financing transactions in infrastructure sectors.
She graduated with honours in Economics and International Finance from Università Cattolica Del Sacro Cuore in 2008.
Nicoletta Montella is Head of the Legal & Compliance at Italo – Nuovo Trasporto Viaggiatori.
Over the previous 20 years, she held roles of increasing responsibility at Telecom Italia until she became Head of Legal & Regulatory Retail within the Legal Department. She started his career at the law firm Chiomenti.
She graduated in Law with honors from University of Rome La Sapienza in 1996 and qualified as a Lawyer in 1999.
Giorgio Piazza has been Chairman of Fondazione ENPAIA since 2018.
Among other positions currently held, he has been Counsellor of 4AIM Sicaf since 2020; Counsellor of Consorzio Agrario del Norest Soc. Coop. since 2019; since 2015 he has held the positions of Chairman of Soc. Immobiliare di Via di Santa Teresa, Counsellor of Sindacato Nazionale Enti di Bonifica, Irrigazione e Miglioramento Fondiario (SNEBI) and Chairman of Consorzio di Bonifica Veneto Orientale; he has been Chairman of Consorzio Vini Venezia since 2011; and Counsellor of Venezia Wine Food since 2006.
He graduated in Agriculture.
Domenico Pimpinella has been Director General of Fondazione ENPAM since 2016, where he had held positions of increasing responsibility in the previous two years.
Between 2007 and 2014 he worked for Fondazione Musica per Roma, later serving as Executive Director. Between 2005 and 2007 he was Head of the Secretariat of the Councillor for Economic Development, Research, Innovation and Tourism at the Lazio Region. Between 2003 and 2005 he served as Assistant to the Chairman at Sipra SpA. Between 2002 and 2003 he was Head of Legal Affairs at Azienda Speciale Palaexpo. From 2001 to 2002 he served as Head of "Legal Staff Coordination" at Aeroporti di Roma SpA. Between 1999 and 2001, he was Head of the General Services Office for Ufficio Servizi Generali per l’Agenzia romana per la preparazione del Giubileo SpA.
Among other positions held, he is currently Deputy Chairman of the Board of Directors of Banca Akros SpA (Banco BPM Banking Group).
He graduated in Law from Luiss University in Rome in 1996 and took part in the BOARD ACADEMY University Postgraduate Course, at Luiss Business School in 2021.
Giovanni Sabatini graduated with honors in Economics from LUISS University in Rome.
From 2001 to 2004 he was CEO of Monte Titoli SpA and Chairman of ECSDA (European Central Securities Depositories Association). In the following two years he served as CONSOB Co-Central Director in charge of the Intermediaries Division. From 2006 to 2009, he held several positions including Head of the "Banking and Financial System - Legal Affairs" Directorate of the Treasury Department of the Ministry of Economy and Finance and Central Co-Director of CONSOB, in charge of the Issuers Division.
Giovanni Sabatini, Director General since 2009 of ABI (Italian Banking Association), was Chairman of the Executive Committee of the European Banking Federation for the two-year period 2016-2017 and re-elected for the two-year period 2018-2019.
He is currently Chairman of the Financial Growth Steering Committee of the European Banking Federation, a Board Member of Fondo Italiano d’Investimento SGR, a member of the Corporate Governance Committee, and a member of the Consultation Committee of the Italian Stock Exchange.
Board of Statutory Auditors
The Board of Statutory Auditors is made up of a chairman, two standing auditors and two alternate auditors
Luigi Corsi is a Certified Public Accountant and Auditor.
Since 1989, he has been practicing as a Certified Public Accountant with the firm "Corsi Caizzi & Associati - Accountants and Auditors." Previously, between 1986 and 1988, he was assistant to the CEO of BIC Italia SpA.
Among the positions he currently holds, he is Chairman of the Board of Statutory Auditors of Fenzi SpA and of Selex ES SpA in liquidation; he is Statutory Auditor of Thales Alenia Space Italia SpA, Ferrari Giovanni Industria Casearia SpA, Nuova Sorgenia Holding SpA in liquidation; he is Vice Chairman of the Board of Directors of Fondazione Bipielle; and he is Member of the O.d.V. of Leonardo Logistics SpA.
Among the positions he previously held, between 2018 and 2022 he was Chairman of the Board of Directors of Release SpA (now merged into Banco BPM); between 2016 and 2021 he was Counsellor of Bipielle Real Estate SpA (now merged into Banco BPM); between 2015 and 2018 he was Statutory Auditor of Leonardo SpA (formerly Finmeccanica SpA); between 2012 and 2014 he was Statutory Auditor of Agos Ducato SpA, then resigned due to his appointment as Board Member of Banco Popolare Soc. Coop from 2014 to 2016; between 2007 and 2011 he was Board Member of Banco Popolare Soc. Coop; between 2006 and 2007 he was Standing Auditor of Banca Popolare Italiana Soc. Coop; and between 2001 and 2007 he was Chairman of the Board of Auditors of the Province of Lodi.
He graduated in Business Administration from Bocconi University in 1983. He has been registered as a Certified Public Accountant since 1989 and is currently on the Register of Certified Public Accountants and Accounting Experts in Lodi; moreover, is on the Register of Auditors.
Massimo De Angelis is a Certified Public Accountant and Auditor, Founding Partner of the firm "Professionisti Associati - Studio di Consulenza Societaria e Tributaria".
Between 1991 and 2000, he was a Founding Partner of "Studio Associato Marsaglia."
Among the positions currently held, he is Chairman of the Board of Statutory Auditors of Acsm-Agam Ambiente Srl (Acsm-Agam spa Group), Siderurgica Latina Martin SpA, Vitreal Specchi SpA; he is Statutory Auditor of C.G.M. Cigiemme SpA, Macor di Trucazzano SpA, O.R.I. Martin SpA, Poste Air Cargo Srl; he is Chairman of the Board of Directors of Swan Italy Srl; he is a Board Member at Assoedilizia Servizi Srl, City of Star Srls; he is a Member of the O.d.V. of Almag SpA, Live Nation Italia Srl.
Among the positions previously held, he was Chairman of the Board of Statutory Auditors of AMSA Spa (A2A spa Group – 2017-2020), HSE24 Spa (2017-2019), among the institutional positions previously held, he was, between 2007 and 2011, external expert as a member of the Technical Secretariat of the National Steering Committee (STCR) at the Presidency of the Council of Ministers; between 2007 and 2010, a permanent member of the ICE (Information Communication & Entertainment) Commission at ASAM - Association for Business and Managerial Studies of the Cattolica University of Milan; between 2000 and 2005, Councilor of the Union of Young Chartered Accountants of Milan.
He graduated in Economics and Business from Bocconi University in 1990. He has been licensed to practice as a Certified Public Accountant since 1994 and has been on the list of Statutory Auditors since 1999.
Carlotta Mugnai has been Chartered Accountants registered with the Milan Register of Chartered Accountants since 2015 and has been Auditor since 2016.
She is Senior Tax Manager at StudioAssociato – Consulenza legale e tributaria (part of the KPMG network) where she joined in 2012.
Between 2011 and 2012 she worked at Accenture as business analyst in the Performance and Finance Management Division.
Among other positions currently held, she has been a Standing Auditor of Fondo Italiano d'Investimento SGR since 2019 and, since the same year, a member of the Advisory Board of Fondazione KPMG Italia ONLUS.
She graduated with honors in Management at Bocconi University in 2010 and completed an Exchange Program at IBMEC in Sao Paulo (Brazil). She also obtained a Master in International Tax Law - LLM Program at the WU - Vienna University of Economics and Business in 2017.
Francesca Monti has been Chartered Accountant since 1986 and Auditor since 1995. Since 1987 she has also been collaborator of justice.
She graduated in Economics and Business at Bocconi University in 1983.
She held positions of bankruptcy trustee by appointment of Section II – Bankruptcy – of the Court of Milan, as well as Expert pursuant to Article 2343 of the Italian Civil Code by appointment of Section VIII – Voluntary Jurisdiction – of the Court of Milan.
She was also a Judicial Liquidator by appointment of the Eighth Civil Section of the Court of Milan.
She was a professional sales representative appointed by the Court of Milan in real estate enforcement proceedings and a judicial Director and Liquidator appointed by the Eighth Civil Section of the Court of Milan.
By appointment of the Court of Bergamo, she was the judicial custodian of shares in Srl.
She is Chairman and member of the Board of Statutory Auditors of some industrial, commercial and financial companies; she is also a member of the Watch Structure of some companies.
In the past, she was Statutory Auditor of: Caboto Gestioni Sim SpA; Assiprogetti SpA; Sandys Group SpA; Itaservice SpA; La Centrale Consulenza SpA; Gemofid Società Fiduciaria SpA; IntesaBci Formazione Scpa; Piergiorgio Coin Investimenti SpA; Girmi SpA; BSL SpA; Immobiliare Floranco Srl; Magazzini Generali Cariplo SpA; Centro Factoring SpA; Intesa Trust company SpA.
Graduated in Management and Business Administration at the University of Turin with a dissertation on Mutual Investment Funds in 1985, from 1985 to 1991 has an experience in financial field, joining the Ersel Spa and dealing with financial and technical analyses of listed companies, evaluation of assets and companies, procedures used for the listing of equity securities.
She has been a fully qualified chartered accountant since 1993, which she is currently practising as of Counsel of Weigmann Legal Firms, she has developed her consultant activity in ordinary and extraordinary corporate operations and M&A, corporate audits, evaluation of companies and intangible assets, tax benefit for intellectual property and innovation investment plans, tax audits and litigation.
She is Member of the Italian Official Auditors Bar, expert and consultant at the Court of Turin.
She takes part in study groups on enterprise crisis, conflict management, Industrial 4.0 benefit, risk management, and no-profit sector.
She has experience as auditor for non - commercial entities, as statutory auditor for industrial, financial and services companies and for regulated financial, bank and listed companies.