Here are the members who contest Urbano Cairo. Names and reasons for disagreements
Cairo Communication: all the dissonant votes of the shareholders Anima, Mediolanum, Fideuram (Intesa Sanpaolo) and foreign funds during the shareholders' meeting of Urbano Cairo's company.
It was not exactly a cheering assembly for Urbano Cairo that was held on May 8 to approve the 2022 financial statements and appoint the new board of directors and the new board of statutory auditors of Cairo Communication. Reading the minutes , published today on the group's website, it emerges that some shareholders did not agree with Cairo's re-election to the presidency and with his salary. It should be remembered that the president of RCS holds 19,410,000 votes personally (12.901% of the total voters) and 117,978,492 through his UT Communications (78.417% of the total voters).
THE SALARY OF URBAN CAIRO
As already highlighted by Startmag , in 2022 Cairo's salary was equal to 3.2 million euros, a figure given by 600 thousand euros gross per year, without variable component, for the position of president of Cairo Communication and 2 million and 646 thousand euro for the position of chairman of the RCS group. For the 2023 financial year confirmed the 600 thousand euros in Cairo Communication and a maximum of 2.7 million for the leadership of RCS (fixed component set at 1.5 million and variable component up to a maximum of 1.2 million).
HOW THE VOTING AT THE ASSEMBLY WENT
The first item on the agenda of the last meeting of Cairo Communication, on 8 May, was the 2022 financial statements, approved by the majority, and the distribution of dividends up to 18,818,323.72 euros, approved unanimously.
At point 2 there was instead the election of the members of the board, which saw Urbano Cairo, Uberto Fornara, Marco Pompignoli, Roberto Cairo, Laura Maria Cairo, Stefania Bedogni, Paola Mignani, Daniela Bartoli, Massimo Ferrari (all of the list n. 1) and Valentina Beatrice Manfredi (only the latter from list n. 2). The new board of statutory auditors was also elected by majority.
Coming then to the appointment of the chairman of the board, it can be observed that – within the percentage of voting rights, equal to 74.420% – 68.198% were in favour, 4.355% against, 0.665% abstained and 1.202% did not vote. However, if we consider that Cairo holds 67.9% of the voting rights, this means that only 0.2% of the voting rights belonging to other shareholders said yes. Among those who expressed opposite voting rights are representatives of Italian funds Anima, Norway's large sovereign wealth fund (which has 1.3 million shares) and many foreign funds; instead, the Fideuram funds of Intesa Sanpaolo abstained.
There was unanimity when the determination of the remuneration of the members of the board of directors was voted, while on the derogation from the prohibition of competition only Cairo expressed itself in favor given that the favorable voting rights were equal to 67.962% and those against equal 6.458% (therefore also the Fideuram and Mediolanum funds); no abstainers.
The fourth item on the agenda proceeded in roughly the same way, relating for the first part to the compensation expected in 2023 and for the second part to that paid in 2022. In the first case, the favorable voting rights were the 67.962% and those against 5.793%; in the second case 68.176% were in favor and 5.579% were against. The percentage of abstainers was always equal to 0.665% (including Fideuram funds). Even for point 4, many foreign funds put their foot down.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-i-soci-che-contestano-urbano-cairo-nomi-e-motivi-dei-dissapori/ on Thu, 08 Jun 2023 14:07:34 +0000.