AssoNEXT Leadership Race Highlights Growing Pains in Italian SME Market
A pivotal election for the leadership of AssoNEXT, the association representing Italian small and medium-sized enterprises (SMEs) listed on multilateral trading systems like Euronext Growth Milan, is underway, revealing a deep divide over the future direction of the organization and the broader market it serves.
AssoNEXT plays a crucial role in supporting the growth of Italian SMEs, with a market capitalization of approximately 11 billion euros and nearly 300 companies admitted to trading since 2009. The association advocates for its members, contributes to legislative amendments – most recently participating in discussions regarding the reform of the Consolidated Finance Act – and promotes their interests to investors and policymakers. However, the upcoming election for the Board of Directors and President is exposing fundamental disagreements about the skills and experience needed to navigate a rapidly evolving financial landscape.
A Clash of Philosophies
The debate centers on whether AssoNEXT should be led by a figure with deep, practical experience in the capital market or someone with a more academic or institutional background. One faction argues for a leader who intimately understands the challenges faced by listed and prospective SMEs, emphasizing the need for “direct expertise gained in the capital market context.”
“We need someone who can translate the requests of the companies into concrete actions,” a senior official stated, reflecting the sentiment of those advocating for a pragmatic approach. This group believes the next president must act as a credible intermediary between SMEs, legislators, and investors.
Conversely, another camp champions a candidate with strong academic or institutional credentials, even if they lack day-to-day experience within the SME sector. Proponents of this view suggest that a broader perspective and prestige are more valuable assets.
This internal conflict, according to observers, mirrors broader tensions within the association, where “the declared intent of building consensus leaves room for balances linked to more closed internal dynamics.”
Navigating a Changing Market
The leadership election comes at a critical juncture for the Italian SME market. The sector is grappling with challenges related to liquidity and a growing need for increased cohesion between businesses, investors, and regulatory bodies. AssoNEXT’s role in fostering this collaboration is seen as increasingly vital.
The association’s future leader will be tasked with strengthening the competitiveness of the segment within both the Italian and European financial landscapes. A pragmatic leader, “trained in the field,” is expected to offer a perspective more aligned with the needs of SMEs, encouraging decisions that promote growth and stability.
The Power of the Membership Vote
Currently, lists of candidates are being finalized and debated within the AssoNEXT membership. Ultimately, the association’s members will determine who will steer the organization through the coming years. The outcome of this election could significantly impact the fate of Italian listed SMEs, particularly as they navigate a period of strategic change and increasing market complexity.
The ability to effectively influence strategic choices within the market will be paramount, making this election a defining moment for AssoNEXT and the Italian SME ecosystem it represents.
