Doubts about the mechanisms that will govern the reimbursements of Veneto Banca shareholders who decide to exercise the right of withdrawal on the occasion of the transformation of Popolare into a spa, but no class action.
The president of the Veneto Banca Shareholders' Association, Giuseppe Schiavon, former president of the Court of Treviso, intervened clearly on the problems that are affecting the Popolari more than ever these days after the approval of the reform aimed at by the Renzi government and the consequent provisions regulations of the Bank of Italy which oblige the 11 largest Italian Popolari (that is, those with assets exceeding 8 billion euro) to abandon the per capita vote and transform themselves into joint stock companies within 18 months.
Schiavon first of all wishes to point out that the implementation decrees of the Bank of Italy do not call into question the right of withdrawal of shareholders but limit or postpone, in whole or in part, the redemption of the shares on sale if the capital solidity and the stability of the bank according to the criteria set by the ECB.
All of this – argues the president of the Veneto Banca Shareholders' Association – must be envisaged in the bank's statute while its concrete implementation “is attributed to the decisions of the board of directors”.
Schiavon does not hide that "there are many doubts about the constitutionality of such a repayment mechanism" but he clearly states that there is no need to take shortcuts that could prove harmful and unrealistic and therefore invites the shareholders of Veneto Banca to resist "the many various flattery by the promoters of instrumental (and, in our opinion, inconsistent) collective compensation actions". In short, no class action in any form.
On the other hand, exiting the tunnel and relaunching the bank will only be possible by taking the main road and that is "when Veneto Banca regains its traditional profitability". The rest are illusions.
