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Corporate Governance

Corporate Governance

The Group has adopted a traditional governance model and the Shareholders' Meeting is entitled to appoint the Board of Directors and the Board of Statutory Auditors. Within this model, there is a clear distinction between roles and responsibilities of corporate Bodies.

Supervision is entrusted to the Board of Directors, which resolves on strategic guidelines and constantly verifies their implementation. The Chief Executive Officer is responsible for the implementation of the strategic guidelines and the broad management of the Group. The Board of Statutory Auditors oversees compliance with the law and the Articles of Association, as well as the respect of correct management principles.

Board of Directors

The Board of Directors is composed of nine (9) members: four executives and five non-executives, of which three independent. Three directors belong to the less represented gender.

4

Executive
Directors

3

Independent
Directors

2

Non-Executive
Directors

In line with the recommendations of the Corporate Governance Code and the Bank of Italy's provisions, the Board of Directors has appointed a Risk Committee composed of Non-Executive Directors who are mostly independent, a Remuneration Committee composed exclusively of Non-Executive and Independent Directors, and a Related Parties Committee composed exclusively of Independent Directors.

Vismara
Chairman

Andrea Vismara

Born in Milan, he graduated magna cum laude in Business Administration from Bocconi University in Milan, also attending specializing courses at New York University.

He began his career in London at Goldman Sachs International, where, from 1990 to 1995, he developed expertise in Corporate Finance and subsequently in Debt Capital Markets, with responsibility for bond issuances for Italian clients. 

In 2026 he was appointed Chairman of EQUITA Group's Board of Directors, after serving as Chief Executive Officer since 2017.

Volpe
Executive Vice-Chairman

Carlo Andrea Volpe

Born in Rome, he graduated in Economics from LUISS University in 1993. He is a Chartered Accountant and Statutory Auditor.

He began his career in Corporate Finance and Investment Banking in the mid-1990s, following an experience as an officer in the Italian Financial Police (Guardia di Finanza). 

He joined EQUITA in 2008 as Head of Corporate Advisory. Over the years, he has taken on roles of increasing responsibility, eventually becoming Co-Head of the Investment Banking division, a position he held until 2026. 

He currently serves as Executive Vice-Chairman of EQUITA Group.

luigi de bellis
Chief Executive Officer

Luigi de Bellis

Born in Benevento, he graduated cum laude in Economics and Management of Financial Institutions and Markets from Bocconi University in Milan, where he subsequently obtained a Master’s degree in Quantitative Finance.

He joined EQUITA in 2007, starting his career in Equity Research and becoming over time one of Italy’s leading sell-side analysts, with expertise across sectors including asset gatherers, industrials and oil services.

In 2026, he was appointed Chief Executive Officer of EQUITA Group, after serving as Deputy General Manager from 2024 and being appointed Co-General Manager in 2025.

simone riviera
Chief Executive Officer

Simone Riviera

Born in the province of Mantua, he graduated cum laude in Economics of Institutions and Financial Markets from Bocconi University in Milan.

He joined EQUITA in 2009 as a Vice President in the Corporate Advisory team and, over the years, took on roles of increasing responsibility, becoming Managing Director and Head of Corporate M&A in 2017. 

In 2026, he was appointed Chief Executive Officer of EQUITA Group, after serving as Deputy General Manager from 2024 and being appointed Co-General Manager in 2025.

Milanesi
Executive Director, Chief Financial Officer & Chief Operating Officer

Stefania Milanesi

Born in Cremona, she graduated in Economics and Business Administration from the University of Bergamo.

Over the course of her career, she has developed extensive experience in finance, operations and financial services, serving as Chief Financial Officer at leading institutions, including BNL Investimenti, Banca Sara and the Italian branch of State Street. 

She joined EQUITA in 2016 as Chief Financial Officer. Since 2023, she has served as Executive Director of EQUITA Group and holds the roles of Chief Financial Officer and Chief Operating Officer.

Foto per Board e organi EQUITA
Independent Director & Lead Independent Director

Silvia Demartini

Born in Turin, she obtained a Master’s degree in International Trade from the Centro Estero of the Piedmont Chambers of Commerce (now the Centro Estero per l’Internazionalizzazione).

A member of the Board of Directors of Fenera Holding since 2009, she also holds positions in numerous group companies and investees. Over the course of her career, she has developed experience and expertise in the financial sector, with exposure to both public and private markets.

She currently serves as an Independent Director and Lead Independent Director of EQUITA Group, in accordance with the criteria set out in the Corporate Governance Code of Borsa Italiana.

Gamba
Independent Director

Angela Gamba

Born in Palazzolo sull’Oglio (Italy), Angela Gamba graduated with honors in Political Economy from Università Bocconi in 1994.

She began her professional career in London in 1994 as an analyst in the Investment Banking division of Salomon Brothers. Over the course of her career, she has also served as an independent director on the boards of several listed companies, including Cobra Automotive, Parmalat, and Mediobanca.

She currently serves as an Independent Director of EQUITA Group, in accordance with the criteria set out in the Corporate Governance Code of Borsa Italiana.

Lunelli
Independent Director

Matteo Bruno Lunelli

Born in Milan, he graduated magna cum laude in Economics and Business from Università Commerciale Luigi Bocconi.

A strong advocate of Made in Italy, he gained international experience at leading investment banks before establishing a long and successful career as an entrepreneur.

She currently serves as an Independent Director of EQUITA Group, in accordance with the criteria set out in the Corporate Governance Code of Borsa Italiana.

Zeme
Non-Executive Director

Michela Zeme

Born in Mede (PV), she holds a degree in Business Administration from Università Luigi Bocconi in Milan.

Chartered Accountant and Statutory Auditor, she has significant professional experience in tax and corporate matters. Zeme is also a speaker at conferences on corporate governance and internal control systems.

She currently serves as a Non-Executive Director of EQUITA Group.

Board of Statutory Auditors

andrea conso
Chairman

Andrea Conso

Andrea serra
Standing Auditor

Andrea Serra

Redaelli
Standing Auditor

Paolo Redaelli

Delfrate
Alternate Auditor

Daniela Delfrate

guido fiori
Alternate Auditor

Guido Fiori

The Board of Directors and the Board of Statutory Auditors of EQUITA Group have been appointed by the Ordinary Shareholders' Meeting of 22 April 2026 and will remain in office until the approval of the 2028 financial statements.

Audit Firm

The Shareholders' Meeting met on 20 April 2023 and appointed EY S.p.A. as audit firm. The office is referred to 2023-2031 financial statements.

Shareholders' Meetings

Bylaws

Current bylaws (Italian only)

Increased voting rights

Loyal shareholders of EQUITA Group can - under specific conditions set by the Company Bylaws - ask for increased voting rights on their shares. Every share with increased voting rights has two votes and shareholders can be entitled of this right after at least two years of continuous holding of EQUITA shares.

Form to request enrollment in the list

Applicable rules