Hera’s shareholder structure is particular among Italian utility companies, as it does not have one shareholder with absolute control while again in consists of more than 20,000 private Italian and foreign investors (individuals and legal entities active in non-financial businesses) and 187 public shareholders (mainly Municipalities within the local area of reference) and, lastly, 365 professional investors (consisting of legal entities operating financial businesses, such as insurance companies, banks, trusts, banking foundations, mutual funds, pension funds and hedge funds).