Less powers to the shareholders' meeting and more to the president. This was decided by the board of directors of Monte dei Paschi di Siena while presenting the proposed amendments to the bylaws on the agenda of the October shareholders' meeting which will have to grant the proxy on the capital increase. The proposal regarding the shareholders' meeting is to eliminate their authorization for the sale of company branches which would therefore become a decision of the exclusive competence of the board of directors. The position taken was justified with greater operational efficiency and cost containment.
For Profumo, on the other hand, new powers lie ahead. In fact, he will be able to appoint and revoke 'the heads of the structures reporting directly to the Board of Directors'. An absolute novelty for the Sienese institute, where governance has always favored collegiate bodies. Another statutory change will allow Profumo to preside over the board outside Rocca Salimbeni: connected remotely.
Returning to the request for modification of the powers of the assembly, this arrives while the negotiating table is underway in Siena on the implementation of the industrial plan, with a tug of war on the outsourcing for over 1.600 employees that the bank intends to carry out.
