Board list And securities lending from Mediobanca: the vice president and strong shareholder of Assicurazioni Generali Francesco Caltagirone knocks the door to Consob to ask theauthority from Paolo Savona to comment on the procedure of the board list and for Piazzetta Cuccia’s moves in view of the April meeting of the Leone which will have to renew the corporate bodies. An appointment he is creating a bitter clash between strong shareholders of Generali: Mediobanca on one side supported by the group De Agostini and the shareholders Caltagirone, Leonardo Del Vecchio And Crt Foundation who have formalized their wishes for discontinuity in the governance (they want to remove Philippe Donnet for which a third mandate is looming) in a consultation pact (now at 13.6% but growing given the incessant purchases by the two entrepreneurs who according to rumors aim to exceed 17.2% controlled by Piazzetta Cuccia) in sight of the vote. According to reports from the Sole 24 Ore, the group Caltagirone he asked Consob to comment on the matter with a formal question.
The patron of the Messenger essentially asks theauthority if it is to be considered legitimate, writes the Confindustria newspaper, the path by which a board expiring proposes a list for a new board of directors. And again: he wonders if the use of the securities loan which Piazzetta Cuccia has made use of is to be considered legitimate securities lending on a share equal to 4.42% of Lion to express themselves in the assembly with a percentage equal to 17.2%. And finally, when the presentation of a list by the outgoing board is deemed legitimate, how the new board should be composed.
The Sun reports that, before the “question” presented by Caltagirone, already offices and college of theauthority they were evaluating the opportunity to make a report to the market recalling the regulatory framework on the election of the board of directors. Although many large listed companies have made use of it, including UniCredit And Tim and the procedure (with majority vote) is provided for by an amendment to the statute of Generali to which the same Caltagirone and Del Vecchio (through the representative Romolo Bardin) in 2020 they turned on the green disc, the subject is not explicitly regulated by the Italian legal system.
So much so which ended up the subject of attention by Parliament, where the President of the Finance Committee Pd Luciano D’Alfonso presented a bill on the subject. Now, Consob will have to express itself on the subject: the questions, concludes the Sun, would have been presented in recent days and a report would have already been produced. But the final vote is up to the college chaired by Savona.
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