The shareholders' meeting of Enel approved the budget 2019, which saw profit grow by 17,4% to over 4,7 billion, with revenues over 80 billion and Ebitda close to 18 billion (trend confirmed in first quarter 2020, with profit at +10% despite the Covid-19), and given the green light to the full-bodied dividend of 32,8 cents per share, about half of which (0,16 euros) already paid in January as an advance, with the rest to be distributed in July. The authorization for the purchase and disposal of treasury shares has also been renewed, for a maximum of 500 million shares, representing approximately 4,92% of the share capital, with a total outlay of up to 2 billion euro.
Among the new features, however, is the renewal of the board of directors, after the waltz of appointments decided by the Government a few weeks ago led to a change at the top, with Michele Crisostomo who becomes president in place of Patrizia Grieco. Francesco Starace remains firmly in his chair as CEO, and the other directors who will remain in office until the end of 2022 are: Cesare Calari, Costanza Esclapon de Villeneuve, Samuel Georg Friedrich Leupold, Alberto Marchi, Mariana Mazzucato, Mirella Pellegrini, Anna Chiara Svelto . The shareholders' meeting confirmed the remuneration for each of the members of the BoD as 80.000 euros gross per year, in addition to the reimbursement of expenses incurred by reason of their office, upon presentation of the relative supporting documentation.
Lastly, the shareholders' meeting approved the long-term incentive plan for 2020 for the management of Enel and its subsidiaries. In today's session, Friday 15 May, the Enel share is at parity just under 6 euros per share. In the last month it has lost more than 8%, but it is precisely in the first quarter of 2020, in the wake of the brilliant results of the previous year, that the stock has reached its all-time high, last February 19 at 8,566 euros per share.
The Enel assembly follows the Eni assembly which approved the renewal of the Board of Directors by a few days. Also in this case the change of presidency with the arrival of Lucia Calvosa instead of Emma Marcegaglia. The Eni Board of Directors also confirmed the CEO Claudio Descalzi in his third term, approved four committees and conferred enhanced powers on the president: in addition to the "attributions of the previous president - specifies the Eni press release - including the management of the hierarchical of the head of the Internal Audit function towards the Board. Furthermore, the president will carry out her statutory functions of representation by managing, in particular, the institutional relations of the company in Italy, in collaboration with the managing director”. Here are the approved committees:
– Control and Risk Committee, with Pietro Guindani as Chairman and Directors Raphael Vermeir, Ada Lucia De Cesaris and Nathalie Tocci as members, all non-executive and independent
– Remuneration Committee, with Nathalie Tocci as Chairman and Directors Karina Litvack and Raphael Vermeir as members, all non-executive and independent
– Appointments Committee, with Ada Lucia De Cesaris as Chairman and Directors Pietro Guindani and Emanuele Piccinno as members, all non-executive and, the majority, independent
– Sustainability and Scenarios Committee, with Karina Litvack as Chairman and Directors Raphael Vermeir, Nathalie Tocci, Filippo Giansante and Emanuele Piccinno as members, all non-executive and mostly independent.
Updated at 11:45am on May 15th
