The has arrived record datesThe deadline for depositing shares and voting rights in view of theassembly of Monte dei Paschi scheduled for April 15th. The wait is all for Glass Lewis, the proxy advisor that is expected to provide voting instructions today ahead of the assembly. The other, ISS, has already released its recommendations at the beginning of the week, displeasing everyone and sparking a rain of retorts and counter-replies from both MPS and PLT's competitors.
What did ISS say?
ISS has in fact recommended to the shareholders of Rocca Salimbeni to vote in favor of the board of directors' list, criticizing however the succession process of Lovaglio and suggesting, in the second vote, to vote against the confirmation of Nicola Maione to the presidency and of Domenico Lombardi to the presidency of the nominations committee. Not only that, but also in the individual voting instructions for the board of directors' list, ISS also rejects Alessandro Caltagirone, Elena De Simone, Gianmarco Montanari, Simonetta Iarlori, Francesca Pace and Rosa Cipriotti. I vote in favor, instead, for Corrado Passera and Carlo Vivaldi, as well as for the CEO candidate Fabrizio Palermo, despite the fact that even US consultants – after the ECB – are raising doubts about the manager's lack of direct experience in banking.
And on Plt's list? Although in an interview with Bloomberg, Louis Lovaglio he said he was confident about his reconfirmation, by virtue of the track record at the helm of MPS and of the 16 billion in overall dividends promised to shareholders over the next five years, according to ISS, that of the Tortora family of "a complete renewal of the board in this phase, together with the reinstatement of the outgoing CEO, nIt is not a sufficiently convincing proposition.”. In this case too, the presidential candidate, Cesare Bisoni, was rejected.
Positions in view of the assembly
Looking ahead to the meeting, at the moment, there seem to be only two certainties. The first is that the Ministry of Economy, with its 4,8%, will not voteThe Government, as clarified by Prime Minister Giorgia Meloni, always Bloomberg, in fact, considers his role at MPS "completed" and no longer intends to be involved in the future governance and strategic decisions of the credit institution. And in case there were any remaining doubts, last month the Prime Minister had already announced that the executive would not participate "in the appointment of the new administrative and supervisory bodies."
And we come to the second certainty. Francesco Gaetano Caltagirone, who holds 11,5% (but could have increased further), will vote in favor of the board of directors list he sponsored, a list that – not coincidentally – is headed by the current CEO of Acea, Fabrizio Palermo, his trusted man.
It appears to be addressed Delfin's first member is heading towards abstention (17,5%), both because the board of directors' list contains no members connected to the company (and the outgoing directors who had been proposed as candidates declined), and because—an unofficial but plausible hypothesis—a vote other than Caltagirone's would also serve to demonstrate the non-existence of the alleged collusion contested by the two shareholders by the Milan Prosecutor's Office. The holding company led by Francesco Milleri could, however, become decisive during the second vote, on the individual candidates, which many will be watching, especially after the proxy statements.
Abstention also likely for Enasarco (which has 1,15% of MPS), while the other major bank until a few days ago, theEnpam, has practically eliminated its position, falling from 1,45% in February to the current 0,2%.
And then there is Bpm bank (3,9% of Rocca Salimbeni), which has not yet made up its mind. It's also worth considering that just twenty-four hours later, on April 16, Piazza Meda will have to renew its leadership. Furthermore, this is not a "disinterested observer," considering that there has long been talk of a possible phase two of the game of chance, centered precisely on the marriage between Banco BPM and MPS.
Finally the funds: a BlackRock, which holds 4,9% of Monte dei Paschi, are added Norges and Vanguard, which together reach about 7%, and all other institutional investors. These votes will become decisive if they converge on the same list.
