Campari is introducing a loyalty scheme for its shareholders

Campari is introducing a loyalty scheme for its shareholders

Gruppo Campari is launching a shareholders loyalty scheme in order to encourage a long-term commitment from its investors.

The initiative, the first of its kind in Italy, will see the voting rights of minority shareholders doubled, without an increase in their actual stake holding. The measure was approved at an extraordinary shareholders meeting yesterday.

Milan-based Campari is 51% controlled by investment firm Alicros, which is owned by the Garavoglia family. Alicros' voting rights would rise to 67.55% under the new initiative.

Cedar Rock Capital, a London-based investment firm, is the Italian group's second largest shareholder with a 10.8% stake. Campari's two other major investors are Morgan Stanley Investment Management (2%) and Independent Franchise Partners (2%). 

The loyalty scheme has come about after a change of law in Italy allowing company shareholders to be given two votes at meetings for every one share they own. 

In November, Campari reported a 1% slip in year-to-date sales, while its bottom line was hurt by acquisition restructing costs