{"id":3992,"date":"2023-10-21T14:14:09","date_gmt":"2023-10-21T14:14:09","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/two-u-s-funds-to-vote-mediobanca-outgoing-boards-slate-for-board-renewal\/"},"modified":"2023-10-21T14:14:09","modified_gmt":"2023-10-21T14:14:09","slug":"two-u-s-funds-to-vote-mediobanca-outgoing-boards-slate-for-board-renewal","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3992","title":{"rendered":"Two U.S. funds to vote Mediobanca outgoing board’s slate for board renewal"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Italian bank Mediobanca’s headquarters in Milan, Italy, November 12, 2019. REUTERS\/Flavio Lo Scalzo\/\/File Photo<\/span>
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MILAN (Reuters) – The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board’s slate of nominees for the new Mediobanca (OTC:) board at the bank’s annual meeting this month.<\/p>\n

Mediobanca’s outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting.<\/p>\n

The two funds did not disclose their stakes in Mediobanca. <\/p>\n

Delfin, the holding company of the late Italian billionaire Leonardo Del Vecchio and the main investor in the bank with a 19.7% stake, submitted its own list of candidates.<\/p>\n

While it does not pose a direct challenge to either Nagel or Pagliaro, its decision to put forward its own nominees increases uncertainty in the short term and could lead to a fractured board, analysts have said. <\/p>\n

Del Vecchio, who died last year at the age of 87, had criticised Nagel for failing to grow the investment bank’s business decisively and hampering expansion at insurer Generali (BIT:), in which Mediobanca is the main shareholder.<\/p>\n

Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board’s slate of nominees. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Italian bank Mediobanca’s headquarters in Milan, Italy, November 12, 2019. REUTERS\/Flavio Lo Scalzo\/\/File Photo MILAN (Reuters) – The…<\/p>\n","protected":false},"author":1,"featured_media":1324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-3992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nTwo U.S. funds to vote Mediobanca outgoing board's slate for board renewal | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Italian bank Mediobanca's headquarters in Milan, Italy, November 12, 2019. 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