(Alliance News) - The renewal of the board of directors at Monte dei Paschi di Siena is entering its crucial phase, with the vote scheduled for the shareholders' meeting on April 15, as reported by Il Corriere della Sera on Tuesday.
Tomorrow, the extraordinary meeting, chaired by Nicola Maione, is set to approve amendments to the company bylaws, including the introduction of the board's own slate. Initial indications from proxy advisors suggest participation above 70%, with funds representing about 60% of the free float; the resolution will require a two-thirds majority.
According to Il Corriere, work continues on the slate, which under the Capital Law should guarantee three seats for minority shareholders, provided there is agreement from the main stakeholders: Delfin, Caltagirone, and Banco BPM.
For the outgoing board to give its approval, at least ten out of fifteen votes will be needed. The list, composed of 20 names, could include profiles with greater operational banking experience, also with a view to the possible succession of CEO Luigi Lovaglio.
The official announcement of the candidates is expected on March 5, aiming to finalize governance before the presentation of the MPS–Mediobanca plan to the market and the ECB, scheduled for the week of February 23.
The issue of renewing Lovaglio's mandate remains unresolved, although he is supported by the government, Delfin, and funds, while the entire process is subject to ECB approval.
By Claudia Cavaliere, Alliance News reporter
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