Azione di Risparmio (Italy)
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Azioni di risparmio are "savings shares", Italian securities that are only issued by listed Italian companies. They differ from ordinary shares in two ways: first, the savings shareholder does not have the right to vote either at ordinary or extraordinary shareholder meetings; second, the savings shareholders earn a higher dividend than ordinary shareholders.[1][2] They are therefore analogous to preferred shares. Savings shares, like any other type of share without voting rights in Italian shareholders' meetings, may be issued for up to 50% of a company's share capital.[3]
These shares therefore appeal to the so-called "cassettisti", investors who buy a share for its annual dividends rather than for price appreciation and who are less interested in the dynamics of the business's management.[3]