The transparency and timeliness of information characterise the relationship between Terna and its institutional and individual investors. In particular, the Investor Relations unit handles relations with dealers and the Department of Corporate Affairs with retail shareholders.

To facilitate communication with investors, Terna set up an Investor Relations section on its institutional website, which enables whoever is interested to be promptly informed about economic results and strategic objectives. In addition to the availability of all the documentation produced by the Company, the site makes it possible to follow through web streaming the conference calls organised when the Company’s quarterly, half-year, and annual results are made public and in the event of significant M&A transactions. Live participation via the two channels exceeds on average fifty people, in addition to the twenty analysts who follow Terna’s share performance and publish studies.

During 2009, there were 29 requests for information via e-mail from retail shareholders (27 in 2008, 17 in 2007, and 62 in 2006) regarding share performance, dividends, and other information, for which the departments concerned were involved.

 Financial communication

Flavio Cattaneo, Chief Executive Officer

The Company continues to expand and improve its communication channels by adapting them to the requirements of its stakeholders. To this end, it is continuing its process of identifying the Socially Responsible Investors (SRI) that are already present in Terna’s share capital or potentially interested in acquiring an equity interest. During 2009, the Company also initiated the “Retail Project”, whose purpose is to periodically identify Terna’s retail shareholders in order to find out their main characteristics (age, geographical distribution, average number of shares) and improve communication with this category of shareholders.

The effectiveness of communication is also ensured by the following more traditional channels

Analyst Presentation. On February 18, 2010, the customary meeting with the financial community and the media was held for the first time at Terna’s new head office in Rome. Terna’s management presented the Company’s strategy.

Road shows. The worldwide road-show programme organised periodically by the Company to present its strategies was expanded. The number of meetings increases every year and since 2007 the number of financial institutions contacted has more than doubled. In 2009, the top management was intensely engaged in communication activities with about 260 institutional investors, shareholders, or potential shareholders, and about fifty sell-side and sales analysts. The meetings took place in 20 financial centres in Europe (Milan, London, Edinburgh, Dublin, Amsterdam, Geneva, Zürich, Frankfurt, Paris, Madrid, Lisbon, Copenhagen, Helsinki), the United States (New York City, New Jersey, Philadelphia, Boston, Los Angeles, Seattle), and Japan (Tokyo).

The 2010 road-show programme has already started and has concerned so far mainly London, New York, Boston, Geneva, Zürich, Frankfurt, Paris, Madrid, and Vienna

One-to-one and group meetings. The top management’s communication activities also include one-to-one and group meetings at the Rome office and participation in utilities conferences.

Shareholders’ meetings. An additional occasion for a meeting between the top management and shareholders is the Annual General Meeting. Participation in this event has been constant over the last few years.

April 22, 2009April 28, 2008May 24, 2007
Representation of share capital at shareholders’ meetings:48.9%50.2%49.7%
  • CDP, Enel, Generali, and Banca d’Italia
  • Other shareholders