Two U.S. Funds to Support Outgoing Board’s Slate for Mediobanca Board Renewal

         

Summary: Two major U.S. funds, CalSTRS and New York City Comptroller, have announced their support for the nominees proposed by the outgoing board at Mediobanca’s annual meeting. This move increases uncertainty and potential for a fractured board.

CalSTRS and New York City Comptroller have revealed their intention to vote in favor of the proposed nominees for the new Mediobanca board at the upcoming annual meeting. The outgoing board, led by CEO Alberto Nagel and Chairman Renato Pagliaro, has put forward a slate of 15 members. However, the presence of Delfin, the holding company of the late Italian billionaire Leonardo Del Vecchio, adds uncertainty to the situation. Delfin, which holds a 19.7% stake in the bank, has submitted its own list of candidates. While this does not directly challenge Nagel or Pagliaro, it could lead to a fragmented board. Del Vecchio had previously criticized Nagel’s management and his impact on Generali, in which Mediobanca is the main shareholder. Proxy advisers ISS, Glass Lewis, and PIRC have recommended that Mediobanca investors vote in favor of the outgoing board’s nominees.

Tags: Mediobanca, U.S. funds, board renewal, annual meeting, nominees, Delfin, Leonardo Del Vecchio, CEO, chairman, proxy advisers

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