The current composition of the Mediobanca Board of Directors, underlines Glass Lewis, “is adequately independent and guarantees a balanced representation of key skills for a company in this sector”
THE proxy advisor Glass Lewis and Pensions & Investment Research Consultants Ltd (Pirc) advise institutional investors who are shareholders of Mediobanca to vote for the list of the Board of Directors in view of the Shareholders’ Meeting on 28 October of Piazzetta Cuccia which has the renewal of the board on its agenda. The current composition of the Mediobanca Board of Directors, underlines Glass Lewis, “is adequately independent and guarantees a balanced representation of key skills for a company in this sector. Furthermore, we observe that 80% of the candidates presented by the outgoing Board of Directors are independent and the list includes proposed names for president and chief executive officer.”
Furthermore, given the procedure for electing the Board of Directors and the number of candidates presented, “we observe that any possible result of the vote will probably lead to a Board of Directors made up of 80% independent directors, which represents a significant improvement compared to the current level of independence of the directors. While recognizing the experience and background of all the candidates presented, we believe that in light of the above the shareholders can reasonably support the list presented by the board of directors” of Mediobanca. Glass Lewis notes that we generally “recommend that shareholders support the list that appears to best serve the interests of all shareholders, including minority investors.”
Also on the same line is Pensions & Investment Research Consultants Ltd (Pirc) which in a report “recommends support for the list proposed by the current board of directors” of Piazzetta Cuccia.