Shareholders of Banca Popolare di Milano Scarl voted for a group of candidates headed by Filippo Annunziata, who was named chairman of the supervisory board.
More than 8,000 investors of the oldest Italian cooperative bank yesterday voted on five lists of candidates for the newly created supervisory board, the bank said in a stock-exchange statement. The supervisory board will be in place through 2013, it said.
Popolare Milano’s shareholders also voted in favor of adopting a dual-committee structure, replacing the single board with supervisory and management panels, it said. The Bank of Italy had requested the lender to adopt that structure to limit the influence of unions on decisions.
The five members of the management board, which will be responsible for bank strategy, will be appointed by the new supervisory panel. The management board names the chief executive officer.
Annunziata’s list was backed by a group called Amici della BPM, which defeated a rival list backed by Matteo Arpe. Arpe was pitted against Andrea Bonomi, chairman of buyout firm Investindustrial SpA, who favors the bank’s existing reorganization plan. Investindustrial may raise its stake in Popolare Milano to 9.9 percent, Bonomi said Oct. 17. The stake increase decision will be based on “management appointments,” he had said.
This week the lender plans to set terms for a share sale of 800 million euros ($1.11 billion).
Members of the supervisory board:
Filippo Annunziata -- Chairman Umberto Bocchino -- Vice chairman Giuseppe Coppini -- Vice Chairman Giovanni Bianchini Maurizio Cavallari Stefania Chiaruttini Carlo Dell’Aringa Federico Fornaro Francesco Giaretta Piero Lonardi Mario Benito Mazzoleni Marcello Messori Maria Luisa Mosconi Mauro Paoloni Marcello Priori Ezio Maria Simonelli Jean-Jacques Tamburini Ulrich Weiss Michele Zefferino