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14 January 2020 • Articles

Il Sole 24 Ore

36% of Piazza Affari's market cap concerned by board renewals

The Italian Ministry of Economy and Finance will be called to vote on the board renewal of main companies such as Enel, Eni, Enav, Poste Italiane, Leonardo, Terna, Banca Mps and Rai Way. In the Financial Services industry, MPS and Mediobanca will notably be renewing their boards, along with Finecobank, Banco Bpm, Anima, Banca Popolare di Sondrio, Banco Desio and Equita. In the Industrial and Media sector, spring 2020 renewals are expected at Pirelli, Astm, Brembo, Interpump, Avio, Mon-Fri, Gefran, Cairo Communication, Monrif, Poligrafici Editoriale and Cir.

As already witnessed last year, funds will be evaluating board renewals with greater attention to send clear signals to companies. An appropriate mix of skills and experience, a greater level of independence and diversity, a weighted addition of new directors and more details on various processes such as the self-assessment of the Board of Directors, succession planning and induction will be key to gather greater approval from Institutional Investors.

Issues such as proposed actions on sustainability and the response to new regulations on remuneration policies will also be under consideration and may influence the opinion on the activity of boards of directors.

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