Proposal rejected. And the shareholders' meeting of Credito Valtellinese throws a new gauntlet at Crédit Agricole and its proposal to postpone the renewal of the Board of Directors pending the conclusion of the takeover bid. In fact, Wednesday 21 April is the deadline for the transfer of shares to Agricole which - however the takeover ends after the recent relaunch granted to the market – he will now find himself with a renewed board for the next three years.
The shareholders' meeting of Credito Valtellinese rejected the proposal presented by Crédit Agricole Italia to postpone the election of the new BoD with the vote of 64,2% of the share capital present (38,6% of the total share capital). Therefore, the partners have proceeded to renew the board: the majority list presented by Denis Dumont's Dgfd, which includes CEO Luigi Lovaglio, was awarded the vote of 42% of the capital present (25,2% of the share capital), while the minority shareholding proposed by Assogestioni received the support of 30,3% of the share capital (18,2% of the share capital). More than 200 shareholders were present at the meeting with approximately 42 million shares, equal to 60,124% of the capital. The main shareholders present were Crédit Agricole Italia, Crédit Agricole Assurance, Dgfd, Algebris, Alta Global, Franklin, Hosking, Melqart, Petrus Advisers and Samson Rock.
The Assembly then approved the 2020 budget with the favorable vote of 66,2% of the share capital present (39,8% of the total share capital). Green light also for the remuneration policies, approved by 66,8% of the capital present (40,2%), and for the short-term incentive system with 66,7% (40,1%).
Returning to the renewal of the Board of Directors, the majority list enters the board president Alessandro Trotter, CEO Lovaglio, Massimiliano Scrocchi, Stefano Caselli, Fausto Galmarini, Livia Aliberti Amidani, Paola Bruno, Jacob Kalma, Paolo Ciccarelli, Teresa Naddeo, Annalisa Donesana and Maria Giovanna Calloni. Anna Doro, Serena Gatteschi and Stefano Gatti instead enter the Assogestioni list.
