The Monte dei Paschi Foundation will nominate the proposed candidate for the office of president of Banca Mps and the two shareholder partners, Fintech and BTG Pactual will nominate the candidate for managing director. This is one of the qualifying points of the shareholders' agreement signed by the Palazzo Sansedoni institution with the two buyers of 6,5% of the Bank's capital (precisely Fintech and BTGPactual).
The shareholders' agreement concerns 9% of the bank's capital. For the designation of the president of the Bank, the go-ahead of the two partners will be necessary and for that of the managing director, the prior approval of the MPS Foundation. In both cases, the approval "should not be unjustifiably refused".
The shareholders' agreement also provides for different lock-up terms: 24 months for the Palazzo Sansedoni entity and Fintech and 16 months for BTG PActual. The three partners "undertake not to offer, commit to the sale, pledge, grant call options, carry out short sales or otherwise dispose of the MPS ordinary shares held by each" for a period of 24 months from the signing of the purchase and sale of the bank's shares (last March 31, ed) in the case of Fondazione Mps and Fintech Advisory (a company incorporated under Delaware law) and 16 months for BTG Pactual.
