«We are happy shareholders, we are the only (private, ed.) shareholder left from the privatization. Maybe they should give us a trophy for merit” he concluded with a joke.
Del Vecchio’s legacy
«We are all working together. We do it for the good of the companies that the Delfin holding company owns and to respect our father’s wishes. Thus Leonardo Maria Del Vecchio, on the sidelines of the EssilorLuxottica meeting, summarized the state of discussions between Leonardo Del Vecchio’s heirs to arrive at an agreement that allows the execution of the inheritance and the definition of the succession.
«We all agree that for what we have received we must not only thank but also respect the instructions – added the eldest son Claudio Del Vecchio -. There are details to work out, but the goal is common. As an older brother I am happy with how relationships are. We are in more of a hurry than you.”
“Almost two years have passed” since Del Vecchio’s death, added Leonardo Maria, “we would like it not to be another month.” To those who asked him if an agreement could be reached before the end of May, he replied: “We hope so, the sooner the better for everyone.”
The confrontation between the eight heirs (the children Claudio, Paola, Marisa, Leonardo Maria, Luca and Clemente and his wife Nicoletta Zampillo together with her first son, Rocco Basilico) already seemed to be at a good stage last February, when in addition to the agreement on governance, convergences were also found on other aspects considered important starting from the process of liquidation of the stake by the shareholders. The clause would allow the shareholders of the financial company, each owner of 12.5% of the capital, to partially or completely sell the share package. On the governance front, however, the agreement should provide for a change in the duration of the board of directors’ mandate, which currently provides for a life term. The change could lead to a mandate of three or four years, with the confirmation of Francesco Milleri at the helm of the finance company. This change requires a unanimous vote of the shareholders. Finally, a change to the distribution of dividends could be envisaged, which currently provides for a payout of at least 10% of profits. Threshold that could be raised to 30%.