MPS calls extraordinary meeting to abrogate 4% ownership threshold

Italy’s Banca Monte dei Paschi di Siena (MPS) has called for an official meeting on 18 and 19 July to decide on the abolition of the 4% ownership threshold affecting shareholder votes.

As things stand in the current statute, MPS’ private shareholders with more than a 4% shareholding in the bank are prohibited from voting on certain corporate issues, according to a spokesperson.

The extraordinary meeting will also allow MPS CEO Fabrizio Viola to present the bank’s restructuring plan to the European Commission according to the suggestions coming from the Bank of Italy and Brussels.

The meeting will also discuss the bank’s policy on gender quotas and the introduction of age limits for top executives.

Claudio Pieri, general director of the Fondazione MPS, has reportedly said that the concept of autonomy is at the centre of the new statute, stressing that the relationship with local institutions has been established in the “fairest and most appropriate way.”

Meanwhile, the minister of economy and finance Fabrizio Saccomani has signed off the bank’s new statute, which significantly changes the bank’s governance to try to avoid the political conflicts of interest that led to allegations of risky derivatives trades carried out under previous management.

Italy’s third biggest bank has been challenged by the allegations which are connected with the costly 2007 acquisition of its rival Banca Antonveneta.

For more information on the allegations read here.

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