The Bank of Italy contested the severance paid to the former CEO of UniCredit ? in 2012 ECGS asked the company to reclaim the extra-payment !

It is never too late to gain legitimacy and ECGS is glad to see that efforts made for better governance at the top of Italian companies are not made in vain.

By Sergio Carbonara, 

On January 11th, the Italian newspaper il Fatto Quotidiano published the report drafted on April 2013 by an independent advisor, Prof. Stefano Loconte, hired by the Rome prosecutor’s office to verify the legality of the indemnity leave paid to the former UniCredit’s CEO, Mr. Alessandro Profumo. The document confirms all concerns formulated by Frontis Governance and ECGS two years ago.

European Corporate Governance Research appoints Manifest as UK Governance Research & Analytics Partner

European Corporate Governance Research & Engagement Specialists, ECGS, Appoints Manifest as UK Governance Research & Analytics Partner.


ECGS, the specialist pan-European governance and engagement firm has appointed Manifest information services Ltd (Manifest) to provide ECGS with customised research and vote guidance on UK and Ireland listed companies.


Vodafone-Verizon Wireless spin-off: why ECGS recommends to vote NO at EGM called on January 28th, 2014

On Monday September 2, 2013, Verizon Communications agreed to pay USD 130 billion to buy Vodafone Group out of its U.S Wireless business. This agreement signed the History's third largest corporate deal announcement and might bring an end to a 14-years collaboration between the two telecommunication giants. While Vodafone shareholders will be gathered on January 28th, 2014 to approve the disposal of Vodafone activities in the U.S market, ECGS raised some concerns regarding the deal and recommends investors to oppose the resolution.

ECGS's rationales are described within the official Press release below:

Telecom Italia 2013 EGM?s results: everybody wins, nobody wins

The most awaited Italian meeting of 2013 was finally held on December 20th. The voting quorum reached the highest level ever at Telecom Italia’s meetings: 54.26% of the share capital was represented. The major shareholder Telco voted 22.4% of the share capital, while the dissident shareholder, Mr. Fossati, who called the meeting to revoke the entire Telecom Italia’s Board, voted 5% through Findim Group. Approximately 26.9% of the voting capital was represented by (more or less) independent shareholders.

Telecom Italia 2013 EGM: the unusual proxy fight (not) to gain the control


On December 20th, the shareholders of the main Italian telecommunication company, Telecom Italia, will be called to vote on the removal of all Board members. The meeting has been called upon the request of the relevant shareholder Findim SA (5%), an investment vehicle created by Mr. Marco Fossati, who strongly contests the clear conflicts of interest of Telecom Italia’s major shareholder, Telco SpA (22.4%).

ECGS disclosed its voting recommendations for the fiscal year 01/10/2012 - 30/09/2013

Following Proxinvest's (The French Partner of ECGS) yesterday publication of its Annual report on French General Meetings, we released our last fiscal year voting recommendations.

Over the period 01/10/2012 - 30/09/2013, we have analysed 487 General Meetings (Annual and Extraordinary) bringing us to a total of 6834 voting recommendations.

Publication of ECGS-Proxinvest 17th report on the "2013 French Proxy season and ECGS-Proxinvest Voting Policy for 2014".

The French proxy advisory firm Proxinvest, member of the ECGS consortium, reported on the content and voting results of 370 General Meetings held in 2013 by 336 French listed companies. While the shareholders of the CAC 40 index companies appeared less critical with an average opposition vote dropping from 5.88% to 4.87% in 2013 and a lower number of rejected or withdrawn resolutions from 50 in 2012 down to 35 in 2013, the French listed companies still have room for improvement in the preparation of their general meetings since 43% of resolutions are still the subject of a negative recommendation by the ECGS-Proxinvest proxy advisors.

Italy: The end of the "shareholder agreements" era ! (if real) a great opportunity for the entire Italian economy. A great article by Frontis Governance (ECGS Italian Partner)

By Sergio Carbonara, Frontis Governance

On last October 31stPirelli announced the termination of the shareholders’ agreement controlling 31.8% of the Company’s share capital. Few months earlier, other agreements controlling major Italian companies were terminated, such as the one related to 58.3% of the publisher of the newspaper Corriere della Sera, RCS Mediagroup (including FiatMediobanca,ItalmobiliareGenerali, Pirelli, Intesa SanpaoloSinpar and Gemina), and the one controlling Telco, the holding company that owns 22% of Telecom Italia’s shares (the Italian shareholders Generali, Intesa Sanpaolo and Mediobanca will gradually sell all their shares to the Spanish competitor Telefonica).

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