MILAN, March 28 (Reuters) - Italian market watchdog Consob has ruled out that any of the three slates of nominees filed for the board of Monte dei Paschi di Siena (MPS) could be deemed illegitimate, a
Consob Declares All MPS Board Slates Legitimate Ahead of Shareholder Vote
Consob’s Ruling on MPS Board Nominee Slates
Background and Consob’s Decision
MILAN, March 28 (Reuters) - Italian market watchdog Consob has ruled out that any of the three slates of nominees filed for the board of Monte dei Paschi di Siena (MPS) could be deemed illegitimate, a person with direct knowledge of the matter said.
Details of the Complaint and ECB Involvement
The person said Consob, in close consultation with the European Central Bank, had dismissed a complaint filed by MPS's board on Thursday regarding a slate submitted by small investor PLT Holding intended to hand CEO Luigi Lovaglio another mandate.
Clarification on MPS Statement and Consob’s Final Position
The source said Consob was keen to dispel any residual doubts given the wording of an MPS statement on Friday which spoke of "preliminary" interactions with authorities.
MPS's statement said that, based on these preliminary contacts and information received so far, all the slates of board candidates were legitimate.
Instead, Consob's position is final, the source stressed.
Implications for Shareholders and Board Election
The regulator wants investors to have full clarity on the matter, given that governance advisers are working on the voting recommendations they will give to shareholders ahead of the April 15 vote to elect a new board and CEO at the bank.
Details on the Competing Slates
PLT has challenged the slate filed by the MPS board, which is trying to unseat Lovaglio and replace him with Fabrizio Palermo, currently the CEO of utility Acea.
A third slate has been filed by fund manager association Assogestioni.
(Reporting by Valentina Za, editing by Gavin Jones)
