Covalis Capital, a global asset manager focused on infrastructure, utilities, renewable energy, industry and raw materials and a long-term shareholder of Enel with a stake of approximately 1% of the capital, today presented an alternative list of independent directors for the Board of group administration.
This was announced in a note in which Covalis underlines that “the uncertainty surrounding the process of appointing the board of directors contributes to ensuring that Enel’s shares are traded at a discount compared to companies in the sector and that the company has a cost of capital higher than it would otherwise be”.
The list presented today includes the names of Marco Mazzucchelli, Leilani C. Latimer, Francesco Galietti, Monique Sasson, Paulina Beato, Daniel Lacalle.
“Because of the opacity of the process, we do not know what the list proposed by the government represents or what its plan is for Enel – said Zach Mecelis, founder and CEO of Covalis Capital – We believe that international investors, employees and companies in which Enel operates deserve better and we feel the responsibility to start a debate. We want a diverse and independent board of directors, reflecting the international nature of the company and its shareholder base.”
Marco Mazzucchelli has been active in the financial sector for over 35 years, holding management roles in numerous leading institutions including Sanpaolo Imi, Crédit Suisse, Rbs and Jiulius Baer. He has held management and executive positions at Quintet Private Bank, Secofind SIM and the Hellenic Financial Stability Fund.