Now really count the money (funds) – Milano Finanza

In the assembly of Ubi Banca had not questioned the composition of the majority of the new supervisory board because institutional investors had deliberately limited to three the number of their candidates; which, even in case of victory, he had also previously given up key roles of chairman and deputy vice-president. But for this, the message is loud and clear.

‘The era in which the local banks, cooperatives or spa does not matter, commanded the local landlords, with relatively few actions, as if they had an absolute majority. The absolute majority of the funds have in fact, that in the assembly Ubi, with less than 50% of this capital, have expressed an absolute majority of the votes, more than 51%. Earlier this week will meet the new supervisory board to appoint the members of its committees and of the management board. Three years ago, minorities, albeit very significant in terms of votes capitari, had been deprived of the opportunity to influence the key functions of the group.

Now the minority (the supervisory board) has become a substantial majority in the capital. For the market, which also includes the 50% (and more) not present at the meeting, it is good news; Also looking to other banks, about to merge or go public. The management will have to look to the economic results and not to the appointment in the local council of industrial duty and their interests. If this was one of the expected effects of the reform on the banks, we can say that Ubi with the first result there was. Perhaps to the point of surprising its first who wanted the transformation in spa, hoping to renew the organs anticipating the times, but keeping habits and ways of appointing the past, blindandosi through shareholders’ agreements.

The funds have instead collected, percentage and number of proxies (several hundred), much more consensus than expected. And though not interested in dealing with management, as rightly want their role, they are saying that all new directors and management from now are put to the test results. Over the next three years, the operating results and the market price of Ubi title will do much better than in the past; and extraordinary transactions “of” or worse system, rescue, are unlikely to be like.