MILAN, April 13 (Reuters) - BlackRock, the world's biggest asset manager and the third largest investor in Monte dei Paschi di Siena, has decided to back a proposal by a dissident investor to hand
BlackRock to back new mandate for ousted Monte dei Paschi CEO, ANSA reports
BlackRock's Support and Monte dei Paschi Board Vote
BlackRock's Decision to Support Lovaglio
MILAN, April 13 (Reuters) - BlackRock, the world's biggest asset manager and the third largest investor in Monte dei Paschi di Siena, has decided to back a proposal by a dissident investor to reinstate ousted boss Luigi Lovaglio, ANSA news agency reported on Monday.
Upcoming Investor Vote
Board and CEO Selection
Monte dei Paschi investors vote on Wednesday to select a new board and chief executive. They are called to choose between Lovaglio and the candidate put forward by the bank's outgoing board, utility ACEA CEO Fabrizio Palermo.
BlackRock's Voting Philosophy
Long-term Financial Interests
BlackRock's voting decisions are consistent with an approach "focused exclusively on safeguarding the long-term financial interests of our clients," a representative for the fund manager said in response to a Reuters' request for comment.
Background on Boardroom Dispute
Lovaglio's Ousting and Shareholder Clash
Mediobanca Acquisition Controversy
Monte dei Paschi's outgoing board has ruled out Lovaglio's reappointment after a boardroom and shareholder clash over future plans for recently acquired peer Mediobanca.
(Reporting by Valentina Za; Editing by Giulia Segreti)
