Biplab Das 
Luxury sports car manufacturer Ferrari has confirmed that it currently has no intentions to change the location of its registered office from the Netherlands, according to a spokesperson for the company.
Considerations amid capital market legislation discussions
This statement comes in response to reports suggesting that Ferrari, along with its parent company Exor, had been contemplating the idea of moving the legal headquarters back to Italy. The trigger for these considerations is Italy’s parliament discussing new capital market legislation, which would enable listed companies to issue shares with up to 10 times voting rights, thus strengthening the influence of major investors in these companies.
Background on Ferrari’s legal office relocation
Ferrari, one of Italy’s most iconic brands, transferred its registered office to the Netherlands in 2015. This move occurred shortly before Ferrari’s spin-off from its former parent company, Fiat Chrysler, and its separate listing at the beginning of 2016. The relocation aimed to make use of Dutch legislation related to corporate governance and loyalty shares.
Despite this shift, Ferrari has always maintained its fiscal and operational bases within Italy.
Exor’s significant stake
Exor holds approximately 23% of Ferrari shares, accounting for about 35% of voting rights. Moreover, it has a consultation agreement with the second-largest investor, Piero Ferrari, who, as the son of Ferrari’s founder Enzo Ferrari, controls over 15% of voting rights through a trust.
Italian companies and Dutch relocations
Over the years, numerous major Italian companies have established themselves in the Netherlands to leverage the country’s favourable loyalty share legislation. This practice extends to Exor, the Berlusconi family’s Mediaset, and Campari, while brake maker Brembo is currently in the process of relocating.
