(Alliance News) - The shareholders' meeting of MPS has approved, with over 99% of votes in favor, statutory changes introducing a board list, reducing profit reserves from 10% to 5% – thus opening the way for a 100% payout – increasing the variable component of managers' compensation, and eliminating term limits for board members, allowing Chairman Nicola Maione to seek re-election.

As Corriere della Sera reported on Thursday, 68% of the share capital participated, with affirmative votes from Delfin, Banco BPM, Caltagirone (who has increased his stake to 11.5%), and funds such as BlackRock. The Italian Ministry of Economy and Finance (MEF), holding 4.8%, was absent, now leaving the definition of new governance to the board.

The MPS share closed at EUR9.04, up 1.5%, while Mediobanca gained 5.9%, buoyed by expectations of a possible reconfirmation of CEO Luigi Lovaglio and future extraordinary transactions. Approval from the European Central Bank for the statutory changes is still awaited.

The process now enters a decisive phase: by the end of February, the industrial plan and board list are expected to be presented. Talks with shareholders are starting to identify the most widely supported candidates. The list will include 20 names, from which 15 board members will be chosen, likely giving greater weight to banking professionals in anticipation of the future succession of the CEO.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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