The assembly of Intesa Sanpaolo approved the new statute of the Bank which provides for the move to a one-tier governance system. The green light from the members came with the 98,95% of the votes in favor. The change in corporate model comes after nine years of duale, the system adopted at the time of the merger between Banca Intesa and Sanpaolo Imi.
The members present at the meeting were equal to 62,76% of the capital of the Bank and membership reached the highest levels ever. Great presence of foreign partners, about i two thirds of those present: the large international funds have deposited shares equal to 39,1% of the capital, while the foundations have not gone beyond 23,6%.
"The one-tier governance system offers, among other things, the advantage of being in line with international best practices - said the chairman of the supervisory board of Intesa Sanpaolo, Giovanni Bazoli - and can favor the presence of foreign shareholders on the board of a bank like ours, in which foreign shareholders hold 65% of the capital. No statutory provision will be sufficient to guarantee the success of the one-tier system. The outcome will depend above all on the professional level and moral integrity of the administrators who will be chosen”.
Bazoli then dwelt in particular on the role of the members of the control committee, which "is a crucial body", because "for a good functioning of this system it is necessary that its members ensure efficient management when they participate in the plenum of the board and critically judge the managerial work of the board itself and of the management when they meet in the control committee”. In the one-tier system, a central role is assumed by the control committee, which performs functions similar to those of the board of statutory auditors.
In the early afternoon, the Intesa Sanpaolo share on the Stock Exchange gains 0,4%, to 2,31 euros per share.
