Browsing All posts tagged under »minority shareholders«

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 […]

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 […]

Intesa Sanpaolo’s Board election: some funds question the independence of the “minority” slate

April 2, 2013

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On April 22nd, the Intesa Sanpaolo’s AGM will elect the members of the Supervisory Board through the slates of nominees’ mechanism (“voto di lista”). As per the voto di lista, mandatory for all Italian listed companies since 2007, shareholders will vote on slates of nominees submitted by other shareholders, holding at least a threshold of […]

Frontis Governance’s analysis available on smarthpone and tablet: the first “app” that supports small shareholders’ rights

March 22, 2013

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For the very first time, Italian retail investors can have access to proxy advisory services Retail shareholders are the weakest link of the share ownership chain: relatively higher individual costs, lower responsiveness to market volatility, informative asymmetries and difficult access to professional services are some of the characteristics that make private investors more exposed to […]

Impregilo’s meeting (hopefully) marked a turning point for the Italian market

July 23, 2012

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The Impregilo’s shareholders meeting was requested by Salini, one of the two main shareholders with almost 30% and main competitor of the company, asking for the removal of the entire Board of Directors. The meeting was originally called on July 12th, but the other major shareholder (Gavio Group), who also holds almost 30%, proposed at […]

Election of the Board: is the Italian “voto di lista”, as defined by the By-laws, still valid? The cases (of many) of Fiat, UniCredit and Prysmian

April 24, 2012

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The “voto di lista” mechanism is compulsory for Italian listed companies since 2007 and calls for shareholders to vote on slates of nominees, submitted by both controlling shareholders and minorities. Through such mechanism, the worthy goal is to ensure a minority representation on corporate boards, providing that at least one director has to be elected […]

Board “independence” in Italy

June 20, 2011

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On May 27th the Board of Directors of Generali Assicurazioni ascertained the existence of independence requirements of 12 members out of 17 (70%), showing a great independence of the Board. Looking at the names and curricula of the “independent Directors”, it seems anyway that some independence requirements are not completely fulfilled: three of “independents” are owners […]