Delfin: Leonardo Maria Del Vecchio boycotts the meeting: ‘The board of directors is doing nothing’
Budget approved. Agreement reached on the appointment of auditors, but disagreement over the names to be elected
Key points
A surprise move by Leonardo Maria Del Vecchio, who has unexpectedly decided not to attend the Delfin shareholders’ meeting, convened in Luxembourg to approve, amongst other things, the 2025 accounts. In a letter sent to the meeting, Del Vecchio contests Rocco Basilico’s inclusion in the register of members and speaks of ‘unjustifiable inaction’ on the part of the board itself regarding this matter. The chief strategy officer of EssilorLuxottica, and chairman of Ray-Ban, goes on to cite the initiatives launched by Rocco Basilico, describing them as an ‘unrestrained’ reaction. He also dismisses the idea of selling Delfin’s assets at a discount as a scenario he categorically rejects, describing it as ‘inappropriate and illogical’.
“Whilst the Board remained silent, some directors held informal discussions with only some of the shareholders, causing confusion and mistrust.” This is stated in the letter in which Lmdv announces that it will not be attending the Delfin shareholders’ meeting,
Finally, Del Vecchio points out that he has not received the company documentation required to assess the finance company’s draft 2025 financial statements. Hence his decision that he is not in a position to take part in a general meeting that also deals with that item.
Resolutions of the General Meeting
Delfin’s general meeting nevertheless approved the 2025 financial statements by a unanimous vote of those present. As well as approving the financial statements, the meeting appointed just two auditors: Lara Forte and Fabio Scoyni. The other candidate for the post, Marco Talarico – former chief executive of Lmdv Capital, the company owned by Leonardo Maria Del Vecchio – was rejected; one of the eight shareholders who did not attend today’s meeting of the Luxembourg-based financial company, which controls 32.4% of EssilorLuxottica as well as holding 17.5% of MPS, 10% of Generali and 2.8% of Unicredit.
