MPS: Consob is examining governance, “an issue that has long been under review by its departments”
Consob has been looking into the governance of Monte dei Paschi for some time.
Key points
(Il Sole 24 Ore Radiocor) - Consob has been examining the governance of Monte dei Paschi for some time. This comes at a time when the market is speculating on the possible implications of the ‘passivity rule’ – in light of the public takeover bid launched by Intesa Sanpaolo – and on the activities of the Rocca Salimbeni board of directors, ahead of a possible merger proposal with Banco Bpm. According to sources at the Commission, which oversees listed companies, these are “issues that have long been under the Commission’s scrutiny”, albeit treated as routine matters.
The governance of the Siena-based bank, as reported in the last few hours by *Il Sole 24 Ore*, is in turmoil following a letter sent by four MPS board members to Chairman Cesare Bisoni, denouncing ‘certain aspects’ deemed ‘particularly sensitive’ regarding the board’s activities. The reference is to the decisions taken by CEO Luigi Lovaglio in an attempt to find alternatives to the offer put forward by Intesa (in partnership with Unipol). At the heart of the objections are the extraordinary transactions proposed with Piazza Meda for a merger – regarding which confirmation or denial is sought – the classification of BPM as a ‘related party of MPS’, the failure to convene a board meeting to appoint the missing directors – which has been awaited for months – the timing of the submission of documents to the board, and the composition of the board’s committees.
MPS: no irregularities in the activities of the board of directors and senior management
With regard to the letter from four MPS board members to Cesare Bisoni, “the chairman of the board of directors” of Monte has “promptly provided the signatories with a precise and detailed response on all the issues raised, reiterating that there are no irregularities in the conduct of the business of the board of directors and senior management, and that the matters referred to in the letter have already been the subject of in-depth discussion in the relevant board forums”. This is stated in a press release from MPS.
Senate Finance Committee gives the green light to Stazi’s appointment as Consob chairman
Meanwhile, the Senate Finance Committee has given the go-ahead for the appointment of Guido Stazi as chairman of Consob by the government. The committee chairman, Massimo Garavaglia (Lega), reported that out of 14 voters, there were 9 votes in favour, 4 abstentions and one blank ballot.
