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 ABI, the Italian banking association, has spoken out on the measure under review in Parliament regarding gender quotas, advocating for their approval.

After meeting today in Milan, the Executive Committee stressed in a note that ABI was in full agreement with the implementation of the principle of a greater and adequate presence of women, who are generally under-represented in the boards of directors of listed and public companies.

In order to efficiently and effectively put this principle into practice, which will obviously take place over time, ABI suggests introducing a legal constraint in forming and presenting lists for shareholders' meetings. It should be mandatory that each list includes female candidates according to legal quotas. If this requirement is not met, the list should be considered inadmissible.

Finally, it should be mandatory to compile lists in such a way as to guarantee the effective participation in boards of both genders. This proposal puts the onus on shareholders, who have the power to appoint board members, while not penalising society as a whole, which has no direct responsibility in forming corporate boards.

The Executive Committee also advocated that its member banks should implement the gender quota principle in establishing the boards of directors for their subsidiary or investee companies.

Rome, 23 February 2011