Hera’s shareholder structure is unique among Italian utility companies, as it does not have one shareholder with absolute control, instead its shareholder base consists of almost non-financial activities) and 189 public shareholders (mainly the Municipalities of the Provinces within the local area of reference) and finally 427 professional investors (consisting of legal persons employed in activities of the financial area, such as insurance, banks, trusts, banking foundations, mutual funds, pension funds and hedge funds).