Our unwavering focus on improving corporate governance has led, in particular, to changes in the Board of Directors, the body responsible for the group’s strategic oversight.

Not only do these changes reflect national and international best practices and developments in ECB and Bank of Italy regulations, but they are the result of our board assessments.

Changes in the board’s composition

Appointed on 28 October 2020 and in office until the approval of the financial statements at 30 June 2023, the current Board reflects a break from the past in terms of its composition:

  • about 40% of its members are women;
  • more than half of the Directors are independent;
  • two members were elected from minority lists.
PREVIOUS BOARD CURRENT BOARD AVG. FTSE MIB COMPANIES*
NO. OF DIRECTORS 15 15 12
DIRECTORS APPOINTED BY MINORITY LISTS 13% 13% 17%
NO. OF WOMEN DIRECTORS  33% 40% 36%
NO. OF INDEPENDENT DIRECTORS  53%1 67%1 63%
AVERAGE AGE OF DIRECTORS 59 59 57**
EXECUTIVE CHAIRMAN NO NO -
1  Independence requirements according to the art.19 of Articles of Association
*    Consob: 2019 Report on corporate governance of Italian listed companies
** Bank: 60 years old

 

Board of Directors: members

Independence

Independence is a key element in our decisions and corporate governance, both within the parent company’s Board of Directors – whose members meet specific independence requirements (independent Directors make up the majority of the Board) and in our subsidiaries, where it is our long-standing practice to appoint independent members.

10 out of the 15 board members currently in office qualify as independent under the requirements of the Italian Consolidated Finance Act (“TUF”) and our Article of Association. We assess their independence annually based on the information they provide and considering any relationships that could compromise their independent judgement.

In the period from 1 July 2019 to 30 June 2020, the independent Directors met on two occasions, discussing the process for the submission of lists of candidates for the position of Director by the Board itself, the ownership structure of banks supervised by the ECB, and the letter received by Mediobanca from Bluebell Capital Partners.

More stringent independence requirements

Article 19 of the Articles of Association establishes an unequivocal definition of independence, aligned with the new Code of Conduct for Listed Companies as recently revised. The board of directors assesses the independence of its non-executive members annually, and a director is not independent if they:

  • they hold, directly or indirectly, including through subsidiaries, fiduciaries or other intermediaries, a shareholding of over 3%;
  • they are, or have been in the three preceding financial years,  an executive director or employee of: The company itself, one of its subsidiaries with strategic significance, or a company subject to joing control;a shareholder which directly or indirectly, including via subsidiaries, fiduciary compa nies or another intermediary, owns an interest of over 3% in the company;
  • they have or have had in the past three financial years, directly or indirectly, a significant commercial, financial or professional relationship with: The company itself or its subsidiaries or with their respective executive directors or senior management;An individual that controls the company, inter alia with others by means of a shareholders’ agreement; or, if the parent company is a company or entity, with their respective executive directors or senior management;
  • they receive or have received in the past three financial years, from the company itself, a subsidiary   or the parent company, significant additional remuneration to the fixed emolument due to them in respect of the role held by them and the fee receivable for participation in Committees recommended by the Code of Conduct or otherwise provided by the regulations in force;
  • they have been a Director for more than nine (not necessarily consecutive) of the last twelve  financial years;
  • they are executive directors of another company in which an executive director of the company is also a director;
  • they are partner or director of a company or entity forming part of the network of the company retained by the issuer as its external auditor;
  • they are a close relative of a person in one or other of the situations listed under the points above.
BOD RENEWED BY THE AGM THE 28TH OF OCTOBER OFFICE DATE OF BIRTH INDEPENDENT* INDIPENDENT** MANAGER
RENATO PAGLIARO CHAIRMAN 20/02/1957     X
MAURIZIA ANGELO COMNENO DEPUTY CHAIRMAN 18/06/1948 X X  
ALBERTO NAGEL CEO 07/06/1965     X
FRANCESCO SAVERIO VINCI GENERAL MANAGER 10/11/1962     X
VIRGINIE BANET DIRECTOR 18/01/1966 X X  
MAURIZIO CARFAGNA DIRECTOR 13/11/1947 X X  
LAURA CIOLI DIRECTOR 10/07/1963 X X  
MAURIZIO COSTA DIRECTOR 29/10/1948 X X  
ANGELA GAMBA DIRECTOR 15/08/1970 X X  
VALÉRIE HORTEFEUX DIRECTOR 14/12/1967 X X  
MAXIMO IBARRA DIRECTOR 13/12/1968 X X  
ALBERTO LUPOI DIRECTOR 29/03/1970 X X  
ELISABETTA MAGISTRETTI DIRECTOR 21/07/1947   X  
VITTORIO PIGNATTI-MORANO CAMPORI DIRECTOR 14/09/1957 X X  
GABRIELE VILLA DIRECTOR 18/06/1964   X  

* Independence requirements according to the art.19 of Articles of Association
**Independence requirements according to Article 148.3 of Italian legislative decree 58/1998

Il tuo browser non è aggiornato!

Aggiornalo per vedere questo sito correttamente.

IT’S TO SAVE ENERGY!

This screen means your monitor consumes less energy when your computer is idle

Just move your mouse to start browsing again