The extraordinary shareholders' meeting of Mps today approved amendments to the bylaws, including the possibility for the outgoing board to present its own slate of candidates for the renewal of the Board of Directors, according to a statement.
The amendment, resolved by the bank's Board of Directors on January 28, effectively also allows CEO Luigi Lovaglio to participate in the decision-making process.
Among the other approved changes are the introduction of the option for the ordinary shareholders' meeting to increase the maximum ratio between the variable and fixed components of remuneration; the modification of procedures for replacing directors during their term through co-optation; the removal of the maximum term limit for the re-election of directors; and the option for the board to appoint the chairman and one or two vice-chairmen—one of whom may serve as deputy—should the meeting not provide for this.
The meeting saw participation representing 68.01% of the share capital.
The bylaw amendments will become effective only after authorization by the ECB, the statement concludes.
(Francesca Piscioneri, editing by Claudia Cristoferi)
