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Luxury carmaker Ferrari has stated that it has no immediate plans to transfer its registered office from the Netherlands, a representative confirmed on Wednesday. The decision to maintain the company's legal headquarters in the Netherlands was driven by advantageous corporate governance and loyalty share legislation.
Italian daily Il Corriere della Sera reported that Ferrari and its parent company Exor were contemplating relocating its headquarters back to Italy.
Legislative Developments Discussed in Parliament
Italy's parliament is presently engaged in discussions regarding new capital market legislation that would allow listed entities to issue shares, affording key investors up to 10 times voting rights, thus reinforcing their control over companies. The Corriere della Sera report, cited by Reuters, indicated that this legislative initiative was one of the factors influencing Ferrari's considerations.
Ferrari, one of Italy's most renowned brands, shifted its registered office to the Netherlands in 2015, prior to being spun off from its former parent company, Fiat Chrysler. Subsequently, Ferrari was separately listed at the beginning of 2016.
Republic World noted that this strategic move aimed to capitalize on Dutch legislation concerning corporate governance and loyalty shares.
Ferrari's Commitment to Italy
Despite this relocation, Ferrari has consistently maintained its fiscal and operational bases within its home country.
Exor, holding around 23% of Ferrari shares, possesses approximately 35% of the voting rights. Additionally, Exor has a consultation pact with the company's second-largest investor, Piero Ferrari, the son of founder Enzo Ferrari. Piero Ferrari, through a trust, controls over 15% of voting rights.
Attraction of the Netherlands for Italian Companies
Over the years, numerous major Italian companies have chosen to establish their presence in the Netherlands, primarily due to the country's favorable loyalty share legislation. This includes companies like Exor itself, the Berlusconi family-owned Mediaset, and Campari. Brake maker Brembo is also in the process of relocating.
Ferrari is scheduled to report its quarterly financial results on Thursday, shedding more light on the company's current performance and future prospects.
Photo: Brandon Atchison/Unsplash
