Fusion BPM-Banco Popolare, popping the ‘list of the board’ and employees-members on the board – BBC

Despite being assessed – and then approved, albeit still only on a preventive basis – by the ECB as a spa bank entirely new, future-BPM Banco Popolare has managed to retain some parts of the old spirit of cooperation, starting with the presence of employees-members on the Board administration.

Pier Francesco Saviotti, CEO of Banco Popolare (Imagoeconomica)

When Wednesday, March 23 the two institutions presented the merger was specified that “in the statute there will be a council on representation of employees ». According to several sources familiar with the dossier, in the council to 19 members – to be chaired by Carlo Fratta Pasini, current number one of the Bank, with the current ceo CEO of BPM Giuseppe Castagna and Pier Francesco Saviotti (Tour) to head the committee executive – the workers’ representatives a seat on the board will be reserved, to be elected at the meeting. Employees who are enrolled at least 5 years in the book-members have the right to submit a list, with a candidate for the board. The quorum for the presentation will be facilitated, which will serve fewer shares than other shareholders of capital, it seems to around 1%.

the presence of workers inside the board is always a trade union demand for

Giuseppe Chestnut, CEO of BPM (Imagoeconomica)

Banking – in order to have a stronger say in particular in matters concerning restructuring and redundancies – but mainly serves to give representation to the component , still strong in BPM, employee-partners on which they depend to last, fundamental, assemblies BPM: that of April 30 that will renew the supervisory board (seems a move towards a unified list along with partners-not Peter’s employees Lunardi) and then that of November, in which the transformation will vote in spa and fusion.

There is another condition for inserted in the draft statute that the Single Supervisory Board of the ECB led by Danièle Nouy he would accept and which goes in the direction of keeping power in the hands of current institute elders. And it’s a chance it’s the same outgoing council, in 2020, to submit a list for the new board. Anyone following the negotiations between the banks and then with the ECB confirms the existence of this clause, which in any case is not unusual in the panorama of Italian institutions (have introduced such Mediobanca and Banca Veneto), although never been used so far.

In BPM-Tour may be of particular relevance to the fact that the institute was established as a public company So without strong shareholders who can secure consensus on a slate of candidates. Being a merger virtually on par (54% in the hands of former members of the Bank and 46% in the hands of former BPM) the main shareholders with shares of around 2% should be post-merger the Athena Fund Raffaele Mincione, now at 6 % of BPM, and Cr Lucca Foundation, if the body will follow the Tuscan capital increase by 1 billion of Banco Popolare.

These conditions would be required especially from Verona faced but also make the game that Milan, thanks to qualified majority required in to the board for approval of “the board list ‘. The ECB has instead eliminated all other clauses limiting the comparison within the board or assembly through qualified majorities for certain decisions, in particular those extraordinary.