⁍ Shareholders in Mediobanca will meet on Oct. 28 to appoint a new board.
⁍ The choice between three rival slates of candidates comes at a time when changes in the Milanese bank’s shareholders have stoked uncertainty.
⁍ The slate put forward by Mediobanca outgoing board confirms Chief Executive Alberto Nagel as director for the next three years.
– Mediobanca’s outgoing board has named its slate of directors for the next three years, and the banking group’s shareholders should vote on it at a meeting on Oct. 28, reports Reuters. That’s because leading proxy adviser ISS has recommended that shareholders vote in favor of the management slate, which includes CEO Alberto Nagel. A second slate was filed by a group of investors and a third by activist fund Bluebell Capital Partners, which has criticized Mediobanca’s management. “Support for the management’s slate would leave only two available seats, still allowing Bluebell to gain board representation, while restricting its influence on the board,’ ISS said in its recommendations statement, seen by Reuters. “This kind of representation would add two new independent directors that can contribute to the strategic debate without necessarily signalling an urgent need for a pivot in strategic direction,” it added.
Source: https://www.reuters.com/article/italy-mediobanca-board-renewal/update-1-iss-recommends-mediobanca-investors-vote-for-outgoing-boards-candidates-idUSL8N2H44QL