The shareholders' meeting of Terna gave the green light to the budget 2022closed with a net profit of 857 million euros, and a dividend of 31,44 cents, of which 20,83 cents will be paid in full in June. Furthermore, the assembly elected the new board of Terna for the next three years. The list n.1 presented by Cdp Reti (majority shareholder with 29,85%), which includes, inter alia, the chairman and designated CEOs, Igor de Biasio instead of Valentina Bosetti e Josephine of Foggia instead of Stefano Donnarumma, she was voted with 46,16% and list no. 2 obtained 53,64% of the votes. The assembly then voted De Biasio as president with 99,9% of voters.
Terna's shareholders' meeting also approved the new one Performance Share Plan 2023-2027, the authorization for the purchase and subsequent disposal of treasury shares for a maximum of 1,4 million ordinary shares, representing approximately 0,07% of the share capital, and a total outlay of up to 7 million.
At Piazza Affari the title it lost 0,63% to 7.88 euro per share, essentially moving in line with the Milanese stock exchange, which trades with a drop of 0,58% on the FTSE MIB.
Terna's Shareholders' Meeting: the new board of directors
Josephine of Foggia, pending the investiture as CEO, will therefore be the first woman to lead an Italian public investee. The first since, in 1981, Marisa Bellisario led Italtel.
Il new board of directors, whose mandate will expire on the occasion of the approval of the 2025 financial statements, will be composed of 13 elected directors, although the indications of the outgoing board were to reduce the number of directors. In addition to De Biasio and Di Foggia, the elected directors are: Francesco Renato Mele, Qinjing Shen, Regina Corradini D'Arienzo, Angelica Krystle Donati, Enrico Tommaso Cucchiani, Gian Luca Gregori, Simona Signoracci (taken from the list presented by the majority shareholder ); Marco Giorgino, Karina Audrey Litvack, Jean-Michel Aubertin and Anna Chiara Svelto representing asset management companies and other institutional investors.
The new supervisory board
Partners also nominated actual mayors: Lorenzo Pozza and Antonella Tomei, taken from the list presented by the relative majority shareholder Cdp Reti and Mario Matteo Busso who, taken from the second list, consequently assumed the office of chairman of the Board of Statutory Auditors. As mayors alternates Barbara Zanardi, Lucrezia Iuliano and Antonello Lillo have been nominated.
Il compensation due to the chairman and the other directors has been approved in the amount, respectively, of 50.000 gross annual euros and 35.000 gross annual euros, in addition to the reimbursement of expenses incurred.
Donnarumma: "An intense, complex three-year period, but full of satisfactions"
"It has been an honor for me to lead Terna in these three years and I would like to sincerely thank all the excellent professionals with whom I was able to interact during an intense, complex, but also highly satisfying three-year period", said the outgoing CEO during the last meeting of his mandate. Donnarumma which will remain in the energy field "but no longer within companies controlled by the State", as he underlined in a long interview with Sole 24 Ore, clarified his professional future.
Then he outlined the balance of his mandate, also recalling the progress of strategic works such as the Tyrrhenian Link andAdriatic Link, and interconnections with foreign countries, but also the start of the authorization procedure for the submarine electricity interconnection which will link Sicily and Tunisia.
Dividend +8% compared to 2021
The board of directors proposed to the shareholders' meeting the approval of a dividend equal to 31,44 eurocents per share (+8% compared to 2021, yields 4,31%) and the distribution - net of the interim dividend on the ordinary dividend relating to the 2022 financial year equal to 10,61 eurocents per share already paid on 23 November 2022 – of the remaining 20,83 euro cents per share.
Terna's Shareholders' Meeting: ok for the purchase of treasury shares
Green light from the Shareholders' Meeting, subject to revocation of the authorization of the Shareholders' Meeting of 29 April 2022, also "for the purchase and subsequent disposal of own actions for a maximum of 1,4 million ordinary shares of the company, representing approximately 0,07% of the share capital, and a total outlay of up to 7 million euros, it being understood that the Terna shares from time to time held in the portfolio by Company and its subsidiaries may not in any case exceed 10% of the share capital or any different maximum amount established by the pro tempore law in force and that the purchases must be made within the limits of the distributable profits and available reserves resulting from the last budget approved”, explains a note from the Italian giant.
The purchase of treasury shares was permitted for 18 months starting from today's shareholders' resolution. On the other hand, no time limit has been set for the disposal of the treasury shares purchased.
