Green light from the extraordinary shareholders' meeting of Intesa Sanpaolo al new dual governance system. “We want to increase the executive rate of the management board in its collegiate component,” he explained John Bazoli, chairman of the Supervisory Board of the Institute.
The new executive board of Ca' de Sass will include up to four internal managers, depending on the number of members of the Management Board, and two external and independent directors, who will have the position of executive vice presidents and who will participate in the formation of the decisions that arise in management committees.
With the latest innovations, “our governance has come closer to the typical peculiarities of the classic German dual system – continued Bazoli -. Ours is a compromise solution, which can be a pilot solution, if our intuitions are right. The dual experience worked”, but it was only a matter of “giving the management board a propelling role” and overcoming “some duplications” originating from the work of the management board commissions.
As for the hypothesis of anticipating the meeting for the renewal of the bodies before the political elections, Bazoli underlined that "the first bank in the country must present itself with the executive bodies in their full operation, hoping that the Italian system will provide a solid and convincing and that a speculative attack on the Italian debt does not take place".
Finally, the managing director, Enrico Tomaso Cucchiani, recalled that in 2012 the institute reduced administrative expenses by 4,4%, or by around 99 million. A "very substantial reduction".
At the end of the morning, Intesa's share on the Stock Exchange lost almost two and a half points.
