AIdAF, the Italian Association of Family Businesses encompasses more than 180 family businesses, representing approximately 13% of our Country’s GDP, working in all areas of business, in Italy and abroad, and collecting more than 600 thousand employees.
“Family Businesses” are understood as legal entities, Italian or foreign, owning businesses operating in any economic sector, consisting of at least two generations:
- an Italian family, for businesses located in Italy or abroad, or:
- a foreign family, for businesses located in Italy (or a number of families interconnected by bonds of marriage or other robust relationships), holding, directly or indirectly, the power to name their corporate governance institutions.
- a representative of any such family (“Family”), provided he/she belongs to one of the company governance institutions and holds senior management functions within same.
- Also included in the category of Family Businesses are those companies listed in a regulated market provided the shareholders feature one or more Families holding a quota of the company capital reaching at least 25% of votes at an ordinary shareholders’ assembly.
Admission requirements for new companies
Those legal persons owning Family Businesses (who are represented within the Association by a single physical person designated by the members of the owner Family or one of the owner Families) may be considered Associates provided:
- the company operatives stem from at least two generations in any economic sector;
- an Italian family (for businesses located in Italy or abroad) or a foreign family (for businesses located in Italy) holds the direct or indirect authority to name its corporate governance institutions;
- a representative of one family is a member of one of the corporate governance institutions and holds a senior management position within same;
- in the case of companies listed in regulated stock exchanges, the shareholders include one or more Families holding company capital of at least 25% within an ordinary assembly;
- they fulfil at least one of the following requirements (considered with reference to the last financial year):
- equity of at least a million euros;
- revenue of at least five million euros;
- at least thirty staff including employees and various collaborators
Those physical persons associated with the Association or representing Associates within same must not:
- engage in behaviors deemed severe infractions by the Board of Directors;
- have received penal sentences which, by virtue of the nature of the crime, its severity, the time-frame over which it was committed and the legal authority level having made the ruling, are considered incompatible with belonging to the Association and participation in its institutions by the Board of Directors.
- With regard to the above, on a case by case basis, the Board of Directors may (excluding any component of the Board of Directors in a situation of conflict of interests from the quorum):
- not accept requests to join the Association following a vote in favour of said decision composed of two thirds of those board members with the right to vote;
- suspend an Associate from participation in the Association and its component parts, following a vote in favour of said decision composed of two thirds of those board members with the right to vote;
- exclude an Associate from participation in the Association, following a vote in favour of said decision composed of two thirds of those board members with the right to vote.