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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 seven (7) members: one Non-Executive Chair, three Executive Directors and three Independent Directors. Three Directors belong to the less represented gender (male gender).







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.

Board Members of EQUITA Group

Non-Executive Chair

Sara Biglieri

Born in Pavia, she graduated in Law with honors from the University of Pavia.

She worked for Italian and foreign law firms, developing a consolidated expertise in commercial and corporate law, and during her career she has covered the role of chairperson or member of the Supervisory Bodies in Johnson & Johnson, Johnson & Johnson Foundation and Falck. 

She currently works as partner at Dentons law firm.

andrea vismara
Chief Executive Officer

Andrea Vismara

Born in Milan, he graduated magna cum laude in business administration from the Bocconi University of Milan and attends specialisation courses at New York University.

He has developed significant expertise in capital markets and investment banking during his thirty-year experience in top investment banks, including Goldman Sachs International, Barclays, de Zoete Wedd and Credit Suisse. He also worked as a freelance consultant for large industrial groups between April 2006 and December 2007.

He joined EQUITA in 2008 as Head of Investment Banking, and has been appointed CEO in 2017. He is also Vice Chairman of ASSOSIM, member of the stakeholder group of CONSOB, of the Advisory Board of Borsa Italiana and of the Board representing the Alumni Community of Bocconi University. He is also a member of the Board of Directors of Blue Earth Diagnostics Ltd Blue Earth Therapeutics Ltd.

Executive Director, Chief Financial Officer and Chief Operating Officer

Stefania Milanesi

Born in Cremona, she graduated in business administration at the University of Bergamo.

Over the years, she has developed her expertise in finance, operations, financial services and banking, as CFO in several financial institutions, including BNL Investimenti, Banca Sara and the Italian branch of State Street.

She currently serves as Executive Director at EQUITA Group, and as Group Chief Financial and Chief Operating Officer.

Executive Director, Managing Partner EQUITA Capital SGR

Stefano Lustig

Born in Milan, he graduated in business administration from the Bocconi University in Milan.

For more than 20 years he served as co-head of the Equity Research departments and consolidated a strong knowledge of several industrial sectors, financial markets, investors and valuation models. From 2017 he has moved to the Alternative Asset Management division, first as Co-Head and then as Managing Partner.

He currently serves as Executive Director at EQUITA Group and as Managing Partner at EQUITA Capital SGR.

Foto per Board e organi EQUITA
Independent Director

Silvia Demartini

Born in Turin, she gained a Master's in International Trade from the Foreign Centre of the Piedmont Chamber of Commerce (today the Foreign Centre for Internationalisation).


After some professional experiences in the administrative and finance field, in 1990 she began her career at Fenera Holding. Since 2001, she has covered the role of CFO and head of the finance department.

Independent Director

Michela Zeme

Born in Mede (PV), after graduating in Business Administration from the Bocconi University of Milan during the academic year 1993/1994, she qualified as a chartered accountant and statutory auditor in 1999.

She gained significant professional experience in the tax and corporate field, working with leading firms and providing advice to many companies (including listed companies) and Italian groups operating in real estate, telecommunications, industrial, financial, insurance and banking. She has held many institutional positions in leading Italian companies and financial institutions.

Independent Director

Matteo Bruno Lunelli

Born in Milan, he graduated magna cum laude in business administration at the Bocconi University in Milan.

Committed promoter of the concept of "Made in Italy", he has started his career in several international investment banks. Today he is one of the most recognised entrepreneurs in Italy.

Board of Statutory Auditors

franco fondi

Franco Guido Roberto Fondi

Andrea serra
Statutory Auditor

Andrea Serra

andrea conso
Statutory Auditor

Andrea Conso

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 20 April 2023 and will remain in office until the approval of the 2025 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' Meeting 18 April 2024

Milan, 18 April 2024 - The Ordinary Shareholder’s Meeting of EQUITA Group S.p.A. met today under the chairmanship of Ms. Sara Biglieri. 54% of the share capital and 65% of the total voting rights participated to the Meeting.

Read the press release

Go to the Shareholders' Meeting Archive


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