Browsing All posts tagged under »Banca MPS«

Is the Supervisor really independent? Frontis Governance analyzed the Statutory Auditors at Italian listed companies: the main results

February 14, 2013

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The derivative scandal that recently hit the third Italian banking group, Banca MPS, the contested acquisition of Lactalis American Group by Parmalat and the Fondiaria-Sai’s huge losses caused by related party transactions, are few of the latest events that raised concerns about the effectiveness of internal controlling systems at Italian companies. Frontis Governance just released […]

Derivative scandal at Banca MPS: an accurate analysis of the governance would have helped to identify the risks

January 28, 2013

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During these days, the entire Italian market community seems to be taken by surprise from the scandal that hit Banca MPS. The Bank recently discovered huge losses originated by derivatives signed by the former managers with Nomura and Deutsche Bank. Nevertheless, the troubles of the Monte Paschi arose at least 5 years ago, when the […]

The renewal season at Italian large banks goes on, but some big players are (still) missing

October 24, 2012

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The Italian banking system has been living a season of deep renewal started on autumn 2011 and continued with the last EGMs of Banca MPS and Intesa Sanpaolo on October 9th and 29th respectively. The co-operative banks were the most affected, in particular Banco Popolare and Banca Popolare di Milano (BPM), that followed completely different […]

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 […]

Recent capital increases at Italian banks: a real success?

February 2, 2012

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UniCredit’s rights issue closed on last January 27th with 99.8% of new shares subscribed by investors. It seems a great success for the bank and such results might demonstrate a high level of trust from shareholders – that is what the UniCredit’s CEO Federico Ghizzoni said to the press. On January 31st, the Managing Director of […]