Password: continuity. It is once again along this path that the Mediobanca nominations committee moved today to draw up the list of candidates for the new board. The list must be approved by tbsp which will meet Wednesday 20.
After the letter of rejection of the list proposed by Mediobanca, delivered on Tuesday 12 September by the Del Vecchio family holding company, the committee of Cuccia square confirmed that the positions I am still too distant, for a pre-meeting agreement between the outgoing board, the main shareholder Delfin and Caltagirone for the presentation of a unique list in view ofmeeting of October 28th.
“You cannot overturn a board – as requested by Delfin – once the industrial plan has already been launched, it would be detrimental to everyone” says a source close to the situation. The industrial plan was approved by the board of directors on May 24th and illustrated to the financial community the following day.
The idea, in the name of continuity precisely, it is therefore to confirm the existing members and to find them New 4 who replace those who will leave due to "having reached age limits". There is no discussion about the roles of president for Renato Pagliaro and CEO for Alberto Nagel. Governance uncertainty weighed on Mediobanca shares today in the stock market which closed down 0,78% at 12,115 euros.
Short list or long list?
It remains to be seen whether Dolphin will present a “short” or long minority list of 5-7 names. According to Mediobanca's statutes, the list that receives the highest number of votes expresses 12 directors out of 15, the second two and the third one, provided that they all obtain the support of at least 2% of the capital, analysts recall. Kepler Cheuvreux. “The Delfin list – they add – could have the vote of around 30-35% of the capital and challenge that of the board of directors, which would count on 35-40%. We would have welcomed an agreement on governance – the experts underline – because it would have increased visibility on the execution of Mediobanca's industrial plan and on future strategic choices. From our point of view - they conclude - the unlikely outcome of the election of 7 directors chosen by Delfin, 7 by the outgoing board and one by Assogestioni would be the worst scenario, which would lead to a problematic stalemate on the board of directors".
The president's knot
Delfin decided not to accept the opening proposed by Mediobanca, because it did not touch on the central point of its strategy, namely the figure of president. Milleri, on behalf of the Delfin shareholders who have put together just under 20 percent of the capital and who are determined to go all the way regardless of what Francesco Gaetano Caltagirone, who alone controls almost 10 percent of Mediobanca, will do , wants to indicate a president who is shared, but that is not Pagliaro, at the top of Mediobanca for 13 years. The two large shareholders are asking for a profound change in the board of directors and a guarantee president, a new chairman, strengthened by their important presence in the bank's capital.
