From Generali to Mediobanca. The financial war of Italy is now being played out on several fronts. And after losing the first round in favor of Piazzetta Cuccia on the appointment of the next board of directors of the Leone di Trieste, Leonardo Del Vecchio has returned to the attack of Mediobanca’s top management. Strong of its 18.8% controlled through the Delfin financial company.
Officially, Del Vecchio reassures that he does not want to provoke overturns at the top management of Piazzetta Cuccia, but the message arrived loud and clear with the request for modification of the bank’s statute which “does not pursue the aim of replacing the current directors or managers of the bank – yes reads in a note -, but rather that of ensuring that, from now on, these operate within a framework of corporate governance rules consistent with best practices and are strongly encouraged to focus on the creation of value for all shareholders, leaving the board of directors and shareholders – as happens in any other company – the right to decide in the last resort who should manage the bank ».
Del Vecchio then presented a request to add to the agenda for the Mediobanca shareholders’ meeting called, both in ordinary and extraordinary session, for October 28, 2021. In detail, the shareholder proposes the elimination of the statutory provision according to which two directors (if the number of directors is equal to or less than thirteen) or three directors (if the number of directors is greater than thirteen, as in the case of the board in office consisting of fifteen directors), must be ” chosen from among employees who have been executives of companies belonging to the banking group for at least three years “, as well as the consequent elimination of the provision according to which” lists containing a number of candidates equal to or greater than two thirds of the directors to be appointed “must – under penalty of inadmissibility – contain two or three directors who are managers of the Mediobanca group in order to comply with the composition site.
Delfin also proposes the modification of the system for appointing directors in order to increase the representation of minorities on the board, from the current two to three or four directors, depending on how many minority lists are presented, and to allow more minority lists to compete. the appointment of minority directors, based on the votes cast by the shareholders.