From the data of the Osservatorio ECM Euronext Growth Milan, the Board of Directors is composed of an average number of directors of 6.

Regarding the distribution of the Companies by number of directors, in most cases (58%) the CDA is composed of 4 to 6 directors.

In 72% of cases the CDA has 1 independent administrator. 79% of companies have introduced the appointment of both corporate bodies by list voting. 54% of the companies adopted the Model 231/2001 and simultaneously established the Supervisory Body (ODV) and approved the Code of Ethics.

The companies that adopted the multiple vote are 14 (7% of the total). Only in 2 cases was adopted post IPO. Predominantly, the chosen multiplier is 3x. On average, the percentage of voting rights with multiple votes on total voting rights is 60.4%. The average free float of companies that have adopted the multiple vote is higher than the market average both in IPO (34.0% compared to 26.7%) and 31 May 2023 (44.7% compared to 34.6%).

With regard to the lock-up of major shareholders in the IPO phase, 25% of companies expect a 12-month period, 22% an 18-month period and 23% a 24-month period. Only in 20% of cases the planned period is 36 months.