March 27 (Reuters) - Monte dei Paschi di Siena (MPS) on Friday said the European Central Bank and market supervisors had declared valid all three lists of candidates presented for the renewal of its
ECB, CONSOB Approve All Monte dei Paschi Board Lists; Lovaglio Remains in Contention
Regulatory Approval and Boardroom Developments at Monte dei Paschi di Siena
Validation of Board Candidate Lists
March 27 (Reuters) - Monte dei Paschi di Siena (MPS) on Friday said the European Central Bank and market supervisors had declared valid all three lists of candidates presented for the renewal of its board, leaving CEO Luigi Lovaglio in the running for reappointment.
Based on "the preliminary interactions carried out with CONSOB and the European Central Bank, on the basis of the respective competences and the information received so far, all of the three lists presented can be voted by the shareholders," MPS said in a statement.
Boardroom Struggle and CEO Contention
PLT Holding's Complaint and Alternative CEO Candidate
MPS had filed a complaint over the slate that small investor PLT Holding had filed to keep Lovaglio in the job after the bank's board proposed an alternative CEO candidate in its list of board nominees, Reuters reported on Thursday
Executive Powers Stripped from Lovaglio
In an intensifying boardroom struggle at Italy's third-largest bank, on Wednesday MPS directors stripped Lovaglio of his executive powers following his bid to secure a new term.
Board's CEO Nominee: Fabrizio Palermo
The MPS board has chosen Fabrizio Palermo, current head of Rome-based utility ACEA, as its CEO candidate.
Shareholder Tensions and Strategy Disputes
The board's decision to rule Lovaglio out at the eleventh hour followed tensions with a key shareholder over the CEO's strategy for recently acquired peer Mediobanca.
Upcoming Shareholder Vote and Market Reaction
MPS shareholders will meet to vote on the competing slates on April 15, when they elect a new board and CEO.
By 0945 GMT shares in MPS edged higher bucking a 1% drop in the Italian sector.
(Reporting by Enrico Sciacovelli and Mirko Miorelli)
