Banco BPM heads to AGM as voting strategy and board balance take center stage

(Alliance News) - In Milan's Piazza Meda, Banco BPM is approaching its April 16 annual general meeting in a notably calmer atmosphere than that surrounding Monte dei Paschi di Siena, where the renewal of the board of directors is currently being decided.

As reported on Monday by Corriere della Sera in its l'Economia supplement, the primary point of contention involves the 3.7% stake Banco BPM holds in MPS. This position was built through market purchases and the acquisition of Anima, though it was subsequently diluted by the exchange offer on Mediobanca.

Nevertheless, it remains a significant holding capable of influencing the Sienese assembly. A decision on how to vote will be made on April 14 by the board of directors. Options on the table include abstention, which would leave the choice regarding the competitor bank's future to others, or supporting the outgoing board's slate.

Support for the PLT group's list, featuring Luigi Lovaglio as CEO candidate, appears less likely, as such a move would represent a departure from the bank's institutional profile.

Once the Siena matter is resolved, Banco BPM will pivot to its own AGM on the 16th at the MiCo in Milan, where 15 board seats are up for grabs. Only the roles of Chairman and CEO remain certain, held by Massimo Tononi and Giuseppe Castagna respectively, while 13 seats are yet to be allocated.

Forecasts suggest the outgoing board's list is the frontrunner and should win the first round. Backed by mutual funds and foundations such as Lucca, Carpi, Alessandria, and Reggio Emilia, as well as Enpam, Inarcassa, and Cassa Forense, the list is expected to comfortably exceed the 20% attributed to Crédit Agricole. The latter is the largest shareholder but currently shows no interest in direct management and has fielded no top-tier candidates. Trailing behind is the Managers' Committee list linked to Assogestioni, which is unlikely to reach Crédit Agricole's levels, particularly as several funds seem inclined to back the board.

Under this scenario, the board's list could secure 10 directors, four would go to Crédit Agricole, and one to the Managers' Committee. However, the new two-round mechanism introduced by the Capital Markets Law suggests caution regarding the final outcome.

By Antonio Di Giorgio, Alliance News reporter

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