Rome, October 15, 2025 - On the occasion of the 66th National Ceremony of the Industria Felix Award - Italy That Competes, Dr. Valerio Locatelli, Managing Partner at Studio Locatelli & Associati, Chartered Accountant in Milan, and Partner & Co-Founder of M&L Consulting Group, delivered an insightful contribution on the topic “Corporate Reorganizations and ESG: Leading Change to Attract Capital and Foster Growth.”
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This special edition of the Industria Felix Award (the first ever at national level entirely dedicated to ESG practices) focused on corporate best practices and ESG vision, emphasizing the growing importance of environmental, social, and governance factors in the Italian business landscape.
In his speech, Dr. Locatelli highlighted that companies, throughout their lifecycle, often face strategic transitions — M&A operations, the opening to new investors, or generational successions — which require a solid corporate structure, clear governance, and consistent tax planning.
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“Too often,” he noted, “these moments are managed with improvised structures, risking the company’s valuation and the success of extraordinary transactions.”
A well-planned corporate reorganization represents a strategic growth lever: it makes the corporate group more transparent to investors and financial institutions, supports business continuity through generational transitions, and creates the conditions for more competitive access to capital markets.
Particular emphasis was placed on the creation of a holding company, a key instrument for managing and coordinating shareholdings. Such a structure enables significant tax advantages, including the application of the Participation Exemption (PEX) regime, the option for tax consolidation, and the establishment of a VAT group.
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Dr. Locatelli also recalled that a well-structured reorganization can optimize the tax burden in generational transitions, thanks to the benefits provided by the Unified Text on Successions and Donations, which exempts from inheritance tax the transfer of shareholdings to descendants and spouses, under specific control and continuity conditions.
In conclusion, he stressed that the combination of tax efficiency, governance transparency, and ESG integration now represents a cornerstone of business competitiveness.
“Corporate reorganization,” he stated, “is not merely a technical exercise, but a strategic step that brings together taxation, sustainability, and growth. It means preparing the company to compete with modern tools, turning change into a real opportunity for development and continuity.”
Subsequently, Dr. Giancarlo Marengo, professional at Studio Locatelli & Associati, focused on corporate governance as a fundamental pillar for driving sustainable transformation. Dr. Marengo emphasized the need for strong and conscious leadership, capable of steering the company toward sustainability with integrity and expertise.
He underlined that adopting ESG practices requires authentic and transparent commitment from corporate leaders, and that a formal approach to ESG reporting must go hand in hand with a genuine culture of sustainability permeating every level of the organization. He warned that, without a shared sustainability policy, companies risk falling into greenwashing, jeopardizing their reputation and stakeholders’ trust.
The event recorded strong participation, bringing together entrepreneurs, managers, and professionals who had the opportunity to exchange ideas and learn how leading examples of sustainable innovation are shaping the future of Italian businesses. Presentations and workshops offered practical tools for adopting ESG practices and preparing for upcoming regulatory challenges.
The event reaffirmed the commitment of Studio Locatelli & Associati and M&L Consulting Group to supporting Italian companies in their transformation journey toward a more sustainable, transparent, and responsible model. The integration of ESG factors — both in reporting and in governance — has become a priority for companies aiming to face future challenges with competence, innovation, and strategic vision.
We thank all participants for their commitment and interest in sustainability, and we encourage companies to keep investing in the future — embracing sustainability as a driver of growth and innovation.
