Browsing All Posts filed under »News«

ECGS incorporates Spanish proxy advisor to the partnership, CORPORANCE

May 14, 2017

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The international network of local independent proxy advisors, Expert Corporate Governance Service (ECGS) has complemented its footprint in Europe by entering into a partnership agreement with Spain´s CORPORANCE Asesores de Voto (CORPORANCE), the first local proxy advisor and provider of advisory services to Spanish institutional investors. It will also cover the Portuguese market. With this agreement […]

The Italian Government forces biggest listed cooperative banks to change their ownership into public traded corporation

January 28, 2015

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Through the so-called “Investment Compact” Law Decree, approved on January 20th, the Italian Government aims at deeply reforming the biggest Italian cooperative banks, i.e. the “popular banks” (banche popolari). Pursuant to the new rules, all “popular banks” with more than 8 million Euros of total assets shall change their status from cooperative to public traded […]

Frontis Governance and ECGS commented on Consob’s consultation on multiple voting rights

December 9, 2014

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Originally posted on the ECGS website Frontis Governance, the Italian partner of ECGS and first Italian proxy advisory firm, presented its comments on the new Italian legislative provisions threatening the basic principle of equality of all shareholders. Like in France, ECGS partners demonstrate their strong opposition to the introduction of multiple voting rights, as a […]

The Parliament approved (even worsening) the law on multiple voting shares: a measure to strengthen major shareholders.

September 11, 2014

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Since 20 August, date of publication on the Official Gazette, the Italian law allows listed and private companies to issue multiple voting shares. Here are the main changes, as partially amended by the Parliament.   Additional voting right: Italian listed companies may assign an additional voting right to each common share uninterruptedly held for at […]

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, […]

The end of the “shareholder agreements” era: (if real) a great opportunity for the entire Italian economy

November 11, 2013

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On last October 31st, Pirelli announced the termination of the shareholders’ agreement controlling 31.8% of the Company’s share capital. Few months earlier, other agreements controlling major Italian companies were terminates, such as the one related to 58.3% of the publisher of the newspaper Corriere della Sera, RCS Mediagroup (including Fiat, Mediobanca, Italmobiliare, Generali, Pirelli, Intesa […]

Frontis Governance published the 2013 study on remuneration in Italian listed companies: Pay on Performance?

September 24, 2013

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During the last few years, also thanks to the financial crisis, the executives’ remuneration at listed companies has become a critical issue in the dialogue between issuers and shareholders, who often contested the gap between the top managers’ compensation and the value created. The Frontis Governance’s report analyses in deepest details all the remuneration components […]