Delfin, the investment vehicle of Leonardo Del Vecchio’s family, has officially deposited the list of candidates for the Board of Directors of Mediobanca for the 2024-2026 triennium. The list consists of five candidates: Sandro Panizza, Sabrina Pucci, Cristina Scocchia, Massimo Lapucci, and Jean Luc Biamonti. Delfin has also presented a list of candidates for the board of auditors.
Delfin emphasizes that its list of candidates is composed of individuals with “independence requirements” and “high-profile skills,” capable of supporting Mediobanca in its strategic growth plan. The goal is to collaborate with all board members and contribute to the realization of the industrial plan. Delfin clarifies that its minority list is not competitive with the majority management list; instead, it aims to bring about constructive change within the board.
The first candidate on the list is Sandro Panizza, a long-time manager at Generali Group and Intesa Group, currently serving as the extraordinary commissioner of Eurovita. The other candidates are Sabrina Pucci, a university professor and former board member of Generali; Cristina Scocchia, CEO of Illycaffè and a member of the board of Essilor Luxottica; Massimo Lapucci, CEO of Ogr Torino and former Secretary General of the Crt Foundation, a Generali shareholder; and Jean-Luc Biamonti, president of Covivio, an real estate company in which Delfin holds a 25.5% stake.
By presenting a list of five candidates instead of seven, Delfin seems to have defused the risk of a split within the board in case of its victory in the assembly. If the Delfin list wins, all five of its candidates will enter the board, along with the ability to appoint the president of the board of auditors.
With the cards now on the table, the race for votes in the October 28 assembly is in full swing. Equita estimates record attendance of around 75%. Kepler Cheuvreux predicts that Delfin’s list could receive the votes of approximately 30-35% of the capital. The current management’s list is expected to garner around 35-40% of the votes.
The announcement of a five-person list excludes the worst-case scenario of a divided board with seven Delfin candidates, seven outgoing board members, and one from the Assogestioni list. However, if Delfin’s list obtains the majority of votes, discussions within the board may be more heated, and management could face more pressure in defining and executing the strategy.