(Alliance News) - This afternoon, the extraordinary shareholders' meeting of Monte dei Paschi di Siena will vote on statutory amendments introducing the "board list" system as a method for appointing top management. Participation is estimated at 72–73% of share capital and, given the recommendations of proxy advisors in favor of institutional investors, approval appears certain, La Repubblica reported on Wednesday.
The outgoing board's list is effectively the only option ahead of the April mid-month renewal, since major shareholders Delfin and the Francesco Gaetano Caltagirone group are considered by the European Central Bank to be financial investors and are therefore not permitted to submit majority lists, the newspaper explains.
Following the public exchange offer on Mediobanca, regulators have also requested that MPS submit an integration plan by the end of March, with a possible earlier deadline in February.
By March 5, under the new Capital Law, MPS will be required to submit a list of 20 candidates, 12 of whom will join the board, including three put forward by the Assogestioni minority. February thus becomes a decisive month for the balance of power with Mediobanca and Assicurazioni Generali.
In the background remains CEO Luigi Lovaglio's strategy, focused on a merger with Mediobanca and a delisting to generate estimated synergies of EUR700 million—a plan currently contested by part of the board and by Caltagirone.
Repubblica adds that a revision appears complex, given the lack of credible alternatives and with the plan already approved by the ECB, which will have to give its opinion ex post on the new statute by March 5.
By Claudia Cavaliere, Alliance News reporter
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