Governance

Governance System

To be truly efficient and ensure the absence of conflicts of interest or other risks, the governance system must be based on a governance structure that is able to ensure that the individual roles are clearly defined and kept separate.

In this perspective, our governance structure adopts a traditional system of administration and control based on the functional organisation of:

  • Board of Directors
  • Board of Auditors
  • Committee of Independent Directors.

Governance Structure

Board of Directors

Antirion’s Board of Directors oversees the ordinary and extraordinary management of the company, performing all tasks required to achieve the company purpose. Moreover, it is responsible for strategic supervision, which is performed by determining the investment policies for the funds and assets managed by the AMC, as well as by defining the corporate strategies.

Within the asset management activities, the Board of Directors establishes the funds, by approving their relative management regulations, and defines the general strategies for managing the fund portfolios.

The Board of Directors is composed of five members, including three independent directors:

Franco Passacantando / Chairman

He is currently Chairman at Euroclear SA, of which he has been an independent member of the Board of Directors since 2015, and Vice Chairman at Euroclear Holding. Since 2014 he has been an independent member of the Board of Directors at Salini Impregilo S.p.A, now Webuild. From 2008 to 2013 he was a member of the Board of Directors at Società Italiana di Iniziative Edilizie e Fondiarie (SIDIEF). He has had a long professional career at the Bank of Italy where he was, among other things, Central Director responsible for the Markets and Payment Systems area and for relations with supranational entities. From 1995 to 2013, he was Executive Director at the World Bank where he served, among other things, as Chairman of the Audit Committee. From 2013 to 2018, he was an expert member of the Board of Directors at EIB.

Ofer Arbib / Chief Executive Officer

After working abroad for several years, in 2000 Ofer Arbib moved to Italy and launched the real estate Web portal casaclick.it, later transferred to Gruppo Pirelli, with which he had previously collaborated. At the end of 2001 he became CEO of Elitrade, a company founded in 1996 in Milan, at the helm of which he managed the evaluation, acquisition, sale and unbundling of many real estate portfolios. In 2005 Elitrade became Colliers Elitrade, now Colliers international Italia, one of the major players in the international real estate advisory industry. Arbib has served as the company’s CEO for 8 years. In 2012, Arbib and a number of partners took over Antirion SGR and in May 2018 he became the company’s CEO.

Roberta Casali / Independent Director

An expert in Corporate Governance and Risk and Sustainability, she is the independent Non-Executive Chairman at Tages Capital Sgr, an Adjunct Professor at LUISS University and a member of the INSEAD International Directors Network, of the European Corporate Governance Institute (ECGI) and of the Assobenefit scientific committee. Previously, she was an independent member of the Board of Directors and of the Risk and Sustainability committee at Banca Monte dei Paschi di Siena and Director at IMI Investimenti, Factoring Centre and Leasing Centre (Intesa Sanpaolo Group companies). She has held multiple managerial roles in the Corporate and Investment Banking department of Intesa Sanpaolo and Banca Caboto (2005-2017). She gained a multiple-year institutional experience in the Payment System and Markets area of the Bank of Italy (1989-2004) and with international organisations, holding positions in Italian and foreign committees and working groups. From 1997 to 2003 she was a member of the Working Group on Retail Payment Systems of the CPSS (now Committee on Payments and Market Infrastructures) at the Bank for International Settlements (BIS) in Basel, Switzerland.

Marzia Morena / Independent Director

Associate Professor at Politecnico di Milano, Marzia Morena has been collaborating to training, research and consultancy activities in the real estate management and valorisation fields for over 20 years. Her scientific interests focus on the transformations affecting the construction cycle, with particular regard to the management of buildings and the relationships across the various players involved in the process, from planning to management, and to Territorial Marketing as a means of attracting investments for territory enhancement. Founding member since 2008 and coordinator of OPPAL (Osservatorio Permanente per la Pubblica Amministrazione Locale, Permanent Observatory for Local Public Administration) of Politecnico di Milano, ABC | REC dept. Co-founder of REC, the Real Estate Center, a management hub for talents and projects linking the solid academic approach of Politecnico di Milano and the needs and challenges of the evolving contemporary world.

Roberto Nicosia / Director

In 2016, Roberto joined Colliers International Italia as Managing Director and he has since been contributing to the growth of Colliers International on the Italian market. Throughout his 30-year career, he has built a strong advisory expertise for corporate and institutional clients. His working experiences range from the office to the industrial and retail sectors. His skills include Property Evaluation, Agency Office, Corporate Services, Tenant Representation, Property Development Services, Capital Markets and Advisory. Over the course of his 20-year managerial experience, Roberto has led a team of 40 advisors at BNP Paribas Real Estate, where he’s served as Chief Executive Office for 9 years. Previously, he had been Country Manager at Jones Lang LaSalle for 7 years and Head of Corporate Division at Gabetti.

Board of Auditors

The main task of the Board of Auditors is to monitor compliance with applicable laws, the Articles of Association and the principles of correct administration. In particular, it monitors the suitability and operation of the company’s organizational, administrative and accounting functions, as well as the allocations established by the applicable special laws.

The Board of Auditors is composed of three statutory members and two deputies, each of whom meets the requirements set forth in the applicable laws, and of course complies with the requirements of integrity, professionalism and independence required by the sectoral regulations:

  • Gianpaolo Colnago, Chairman
  • Andrea Magnoni, Statutory Auditor
  • Massimo Gallina, Statutory Auditor
  • Elena Albertoni, Deputy Auditor
  • Gian Luca Milanesi, Deputy Auditor.

Committee of Independent Directors

The Committee of Independent Directors, established by the Board of Directors and solely comprising independent directors, has advisory functions (and, where applicable, also submits proposals) with regard to the issues under its responsibility, as well as those which the Board decides to assign to it. In particular, the CAI expresses a preventive opinion, in favour of the Board of Directors, in regard to: transactions with conflict of interest; transactions by the SGR with related parties; remuneration and incentive policies, with respect to which it also exercises verification functions. In exercising its powers, the CAI avails itself of the support of the Risk Manager, where appropriate.

The company has a Code of Ethics and an Organisation, Management and Control Model pursuant to Italian Legislative Decree 231/2001 concerning the “Rules on the administrative liability of legal entities, Companies and associations, with or without legal status”.

Code of Ethics (Italian)
Organisation and Management Model Ver 1.2 2015.12.18 (Italian)