Mediobanca shareholders endorse majority of outgoing board's nominations

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Mediobanca shareholders endorse majority of outgoing board's nominations
Credit: © Reuters.

In a move that dispels lingering strategic uncertainty, Mediobanca (OTC: MDIBY )'s annual shareholder meeting saw a majority of directors nominated by the outgoing board being ratified for new three-year mandates. The decision includes the endorsement of CEO Alberto Nagel and Chair Renato Pagliaro.

Of the 15 new director positions, 12 were backed by 53% of shareholders, reflecting 40.41% of share capital. This support indicates a clear alignment with the vision and strategic direction proposed by the outgoing board.

Meanwhile, Delfin, Mediobanca's top shareholder with a 19.8% stake, had its two nominees approved by nearly 42% of shareholders, corresponding to 32.06% of share capital. This endorsement demonstrates a significant level of confidence in Delfin's candidates and their ability to contribute positively to the bank's future.

The voting outcome effectively concludes the power struggle between Mediobanca and Delfin, according to Giovanni Razzoli, an analyst with Deutsche Bank (ETR: DBKGn ). The approval of most nominees from both sides suggests a harmonious path forward for Mediobanca's leadership and strategic planning.

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