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Avio introduced a ten-year business plan in September 2025 targeting an average annual growth rate of about 10 percent.
Institutional Shareholder Services recommended that Avio shareholders vote against a set of proposed bylaw amendments.
The proposed bylaw amendments for Avio clarify procedures for replacing departing directors and strengthen requirements for independent board members.
Avio’s U.S. defence propulsion manufacturing facility is scheduled to be completed in 2028.
Avio is expected to break ground in 2026 on its new defence propulsion manufacturing facility in the United States.
Avio is expected to launch its single-stage FD1 demonstrator in 2026 using the company’s new MR10 methalox rocket engine.
Avio is expected to launch the first Vega C mission entirely managed by Avio following the company’s split from Arianespace in 2026.
Avio’s board appointed an independent advisor that the company cites as supporting alignment of the amendments with market best practices.
Giulio Ranzo states that Avio’s free float has risen to around 60 percent.
Giulio Ranzo states that Avio’s largest shareholder Leonardo reduced its stake from 29 percent to 19 percent.
Giulio Ranzo argues that increased exposure to the U.S. market will require Avio to elect more experienced independent directors whose remuneration is commensurate with their competencies.
Avio CEO Giulio Ranzo believes certain elements of the company’s bylaw proposals were overlooked or not fully taken into account by the proxy adviser.
It is not publicly known what proportion of Avio’s shareholder base relies on Institutional Shareholder Services guidance.
The full text of Institutional Shareholder Services’ recommendation against Avio’s proposed bylaw amendments has not been disclosed.
Avio published a rebuttal letter on 17 February responding to ISS’s recommendation against the proposed bylaw amendments.
The proposed bylaw amendments update Avio’s rules to reflect recent Italian legislation that allows outgoing boards to propose their own list of replacement candidates.
Avio’s proposed bylaws would permit two minority groups to share the two minority-appointed seats but would require the second group to achieve a minimum level of support to claim a seat.
Under Avio’s proposed bylaws the number of director seats allocated to minority shareholders would fall from three to two.
The proposed bylaw changes would fix Avio’s board of directors at nine members and alter seat allocation to allow the largest shareholder group to appoint seven directors while minority shareholders would collectively appoint two.
Avio’s bylaw proposals aim to align the company’s governance structure with its growth, evolving shareholder base, and recent changes in Italian corporate law.