Another has arrived list of candidates for the appointment of the board of directors of Enel, the third, alternative to the one presented by the Government and by Assogestioni. It was forwarded on the morning of Monday 17 April by the asset manager Covalis Capital, which holds approximately 1% of Enel's capital. In addition to the names, first of which is that of Marco Mazzucchelli, Covalis has published a fiery note in which criticizes “opacity” and “uncertainty” which surrounded the process followed by the Government for the appointment of new Enel top management.
We recall that last Thursday the Government indicated Flavio Cattaneo as new CEO in place of Francesco Starace and Paolo Scaroni as president.
Enel: here is the Covalis list
The first name on the list presented by Covals is that of Marco Mazzucchelli, long-time manager who has held managerial positions in Sanpaolo Imi, Crédit Suisse, Rbs and Jiulius Baer. In his past also managerial and executive positions at Quintet Private Bank, Secofind SIM and Hellenic Financial Stability Fund.
The other names instead they are those of Leilani C. Latimer, Francesco Galietti, Monique Sasson, Paulina Beato, Daniel Lacalle.
Covalis on Enel appointments: "Opaque process that affects the stock"
Through a note, Zach Mecelis, founder and CIO of Covalis Capital, underlined that "the uncertainty surrounding the board of directors appointment process contributes to ensure that Enel shares are traded at a discount compared to companies in the industry and that the company has a higher cost of capital than it otherwise would have."
“Because of'opacity of the process, we do not know what the list proposed by the government represents or what its plan is for Enel - continues the note - We believe that international investors, employees and the companies in which Enel operates they deserve better and we feel the responsibility to start a debate. We want a diverse and independent board of directors, reflecting the international nature of the company and its shareholder base."
The Assogestioni list
The minority list of was also filed last Friday Assogestioni, containing only independent candidates. Sgr and institutional investors have indicated the names of Dario Frigerio, Alessandra Stabilini, Mario Corsi. The managers who submitted the list represent over 1,8% of the company's ordinary shares and are: Aberdeen Standard Fund Managers Limited, Allianz, Amundi Asset Management Sgr, Anima Sgr, APG Asset Management, Arca Fondi SGR, Axa WF Italy Equity, BancoPosta Fondi Sgr, Bnp Paribas Asset Management, Epsilon SGR, Eurizon Capital SA, Eurizon Capital Sgr, Fidelity Funds, Fideuram Asset Management (Ireland), Fideuram Intesa Sanpaolo Private Banking Asset Management SGR, Interfund Sicav, Bcc/CRA Pension Fund, Generali Investments Partners SGR, Kairos Partners Sgr, Legal & General Assurance (Pensions Management) Limited, Mediobanca Sicav, Mediobanca Sgr, Mediolanum Gestione Fondi Sgr and Mediolanum International Funds Limited.
