We are independently funded through our sole ownership of Almo Nature, a high-quality pet food brand.
This is the Reintegration Economy.
In 2019, a year after establishing Fondazione Capellino, Pier Giovanni and Lorenzo Capellino donated 100% of the proprietary and voting rights of Almo Nature Benefit SpA to Fondazione Capellino in perpetuity. Consequently, the Foundation became the sole shareholder of Almo Nature and its subsidiaries (the Almo Nature Group).
According to the Foundation’s Statute, 75% of that sum is allocated to projects, and 25% to the endowment fund.
Almo Nature’s Board of Directors is appointed by Fondazione Capellino, which retains "direction and coordination" of its subsidiary.
If the Foundation were to sell its stake in Almo Nature, the value of the sale would become part of its assets, the allocation of which is and will always remain exclusively for the preservation of biodiversity and the fight against climate change.
Reintegration Economy is very different to other impact mitigation approaches, such as CSR or company charitable foundations. In those cases, the foundations are dependent on funding from, and ultimately serve, the needs of donor or parent entities who may withdraw funding at any time.
In Reintegration Economy, this is inverted. The Foundation owns the company, not the other way around. This means that all of the added value created by the company is returned to nature through the Foundation's work.
Fondazione Capellino was recognised by Agenzie delle Entrate, the Italian tax authority, as a “non-profit, commercial entity”: a financially independent holding foundation which exercises "direction and coordination" over the controlled company.
This status subjects the Foundation to the same taxes as all commercial enterprises in Italy: directly via IRES/IRAP and indirectly via IVA. The founders’ initial contributions were also subject to gift tax, for this same reason.
The Foundation is owned by its purpose.
The Foundation's assets may never revert in any way to its founders.
The Foundation’s operating fund can only be used for its projects.
Should the Foundation be dissolved, all of its assets will devolve either to another foundation with a similar purpose or, failing that, to the Italian state.
The Foundation’s rules of operation and governance are defined in its Statute.
The Foundation is also subject to supervision by the relevant bodies of the Italian State.