Browsing All Posts filed under »Engagement & activism«

The Bank of Italy contested the severance paid to the former CEO of UniCredit – in 2012 ECGS asked the company to reclaim the extra-payment

January 14, 2014

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It is never too late to gain legitimacy and ECGS is glad to see that efforts made for a better governance at the top of Italian companies are not made in vain. On January 11th, the Italian newspaper il Fatto Quotidiano published the report drafted on April 2013 by an independent advisor, Prof. Stefano Loconte, […]

Telecom Italia 2013 EGM’s results: everybody wins, nobody wins

December 23, 2013

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The most awaited Italian meeting of 2013 was finally held on December 20th. The voting quorum reached the highest level ever at Telecom Italia’s meetings: 54.26% of the share capital was represented. The major shareholder Telco voted 22.4% of the share capital, while the dissident shareholder, Mr. Fossati, who called the meeting to revoke the […]

Telecom Italia 2013 EGM: the unusual proxy fight (not) to gain the control

December 12, 2013

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Introduction On December 20th, the shareholders of the main Italian telecommunication company, Telecom Italia, will be called to vote on the removal of all Board members. The meeting has been called upon the request of the relevant shareholder Findim SA (5%), an investment vehicle created by Mr. Marco Fossati, who strongly contests the clear conflicts […]

The Italian “shareholders’ spring” is very late, but something is changing

June 29, 2012

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A strongly concentrated ownership structure, local actors that are basically passive and its nature of peripheral market for large institutional investors contributed to keep Italian companies far from the “shareholders’ spring”. No relevant news came from the 2012 proxy season, or at least it seems so looking at the meeting minutes: remuneration policies, incentive plans […]

ECGS is on the front line at the European “shareholders’ spring”

June 25, 2012

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Even though the high concentrated shareholder structure affected the meetings’ results, strongly diluting the against votes, also in continental Europe the so-called (maybe too optimistically) “shareholders’ spring” produced some relevant results. The ECGS’ partners in many cases led the protests, also obtaining resounding results. In Switzerland, Ethos (ECGS’ partner representing more than 100 pension funds) […]

ECGS engages with the BoD of UniCredit to reclaim the extra-severance payment paid to the former CEO

March 6, 2012

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On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure. On September 2010, […]