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Stock impact report

Generali CEO urges Italian government to revise new capital markets law [Reuters]

MEDIOBANCA SPA UNSP/ADR (MDIBY) 
Company Research Source: Reuters
new capital markets law, saying it gives minority shareholders too much power over board appointments. The legislation , approved by parliament last month, has drawn criticism from investment funds and Italy's financial industry, which argue that clauses boosting the power in listed companies of existing leading shareholders even if they are minority stakeholders could discourage foreign investment. Generali's Chief Executive Philippe Donnet, speaking at a conference in Milan, said the new rules in the legislation affecting how a company's outgoing board draws up candidates for a new board "could create many problems", potentially giving minority shareholders veto powers and opening the door to activist investors. Treasury Junior Minister Federico Freni, who spoke at the same event as Donnet, acknowledged his criticism, and signalled that the government was open to consider changes. Like in many other countries, it has become a common practice in Italy for outgoing boards to p Show less Read more
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