MPS: Bisoni to critical board members: ‘No irregularities in the board’s activities’
“Lovaglio has shown full respect regarding any potential M&A deals”
(Il Sole 24 Ore Radiocor) - In response to the letter from the minority directors, who are critical of the current MPS leadership, Chairman Cesare Bisoni explains that he 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 Board of Directors’ and ‘senior management’s’ activities’ and that the matters referred to in the letter ‘have already been the subject of in-depth discussion in the relevant board forums’. Furthermore, the Chairman confirms that the Chief Executive, Luigi Lovaglio, “is operating in full compliance with the guidelines and mandate conferred upon him by the Board of Directors in the context of assessing possible extraordinary transactions concerning the bank”. In response to the other points raised in the letter, Bisogni adds that the process of co-opting the missing directors “is proceeding in accordance with the procedures required by the ECB” and that “the composition of the board committees and the functioning of the corporate bodies are fully consistent with applicable legislation and market practices”.
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