Your web-browser is very outdated, and as such, this website may not display properly. Please consider upgrading to a modern, faster and more secure browser. Click here to do so.
Following an audit at BPM earlier this year, the Bank of
Italy had criticised the excessive grip the lender’s
employee-shareholders hold on its strategy — hindering
cost-cuts and a streamlining of the bank.Last week the central bank asked BPM to completely renew
its top ranks as the Milanese bank moves to appoint new
management and supervisory boards.BPM said in a statement it had changed the bylaws that it
would put forward to shareholders on Oct 22.In the latest version, the management board — and no
longer the supervisory board — could decide on the admission
or exclusion of new shareholders.This and a number of other changes prodded by the central
bank all went in the direction of increasing the management
board’s independence and powers.An association of BPM’s employee-shareholders owns less
than 4 percent of the mid-tier lender but controls shareholder
meetings because of a one-head-one-vote rule in BPM’s bylaws.BPM’s shareholders will appoint the supervisory board which
in turn will name the management board.BPM said that, in the latest version of the bylaws, the
supervisory board could give its opinion on a matter if asked
by the management board and it would not be binding.In a further move aimed at loosening the control
employee-shareholders have over shareholder meetings, the limit
on the number of proxy votes had been raised to five from
three.This change should allow greater representation of
non-employee shareholders at the meetings and had been rejected
by BPM’s shareholders earlier this year.Shares in BPM closed up 6.4 percent on Friday, leading
gains on Italy’s blue-chip FTSE MIB stock index .FTMIB, as
speculation mounted on changes to its top management.
426 notes
Borrower European Investment Bank (EIB)Issue Amount 1.0 billion Norwegian crownMaturity Date October 31, 2018Coupon 3.75 pctIssue price 101.032Payment Date October 31, 2011Lead Manager(s) Danske Bank & HSBCRatings Aaa (Moody’s), AAA (S&P),AAA (Fitch)Listing LuxFull fees 1.875 pct (1.575 pct Selling, 0.30 pct M&U)Denoms (K) 10Governing Law EnglishNotes Launched under issuer’s EMTN programmeSecurity details and RIC, when available, will beonCustomers can right-click on the code forperformance analysis of this new issueFor ratings information, double click onFor all bonds data, double click onFor Top international bonds newsFor news about this issuer, double click on the issuer RIC,where assigned, and hit the newskey (F9 on Reuters terminals)Data supplied by International Insider.
24 notes
