(Alliance News) - Banca Monte dei Paschi di Siena Spa announced on Wednesday that shareholders, gathered in an extraordinary meeting, have approved proposals to amend the articles of association.
The meeting approved the full set of statutory amendments on the sole item on the agenda with an overwhelming majority—exceeding 99% of the represented capital in all cases, which amounted to 68%—marking a significant milestone in the governance journey of the Siena-based institution.
Among the main changes is the introduction of the option for the ordinary shareholders' meeting to raise the ratio between the variable and fixed components of remuneration, exceeding the current 1:1 limit. The outgoing board of directors has also been given the possibility to submit its own list of candidates for the renewal of the administrative body.
Also approved were new procedures for replacing directors during their term through co-option, and the removal of the maximum limit on terms for the re-election of directors, a measure that increases flexibility in the composition of the board.
Another key point concerns the board of directors' authority to appoint the chairperson and one or two vice-chairpersons—one of whom will serve as deputy—should the shareholders' meeting not do so directly. The meeting also set out new provisions for the scenario in which only one slate is presented for the appointment of the board of statutory auditors.
On the financial front, shareholders approved reducing the portion of profits to be allocated to the legal reserve to the minimum required by law, accompanied by the elimination of the statutory reserve.
The bank, however, specified that, as of today, the European Central Bank has not yet issued the necessary authorization: the effectiveness of the statutory amendments therefore remains subject to approval by the supervisory authority.
MPS shares are up 1.2% at EUR9.05 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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