Shareholders representing approximately 30,05% of the Bank’s share capital have entered into a shareholders’ agreement aimed at preserving a stable shareholder base combined with representative governing bodies to ensure consistent management objectives (cf. Article 122, (b) of Italian Legislative Decree 58/98).
|No. of shares syndicated||% of shares syndicated||% share capital|
Mediolanum Vita S.p.A.
|TOTAL GROUP A||103,626,902||40.04%||12.03%|
|Pirelli & C. S.p.A.||15,753,367||6.09%||1.83%|
|FIN.PRIV. S.r.l. *||14,340,218||5.54%||1.67%|
|Fininvest S.p.A. **||8,600,531||3.32%||1.00%|
Eredi Marcellino Gavio
S.M.I.L. di Alberto Pecci & C. s.a.s.
|Angelini Partecipazioni Finanziarie S.r.l. (F. Angelini)||4,000,000||1.55%||0.46%|
|Sinpar S.p.A. (fam. Lucchini)||3,370,500||1.30%||0.39%|
|Gruppo Zannoni ** (Eredi Zannoni)||2,625,000||1.01%||0.30%|
Cinca - Cinca - Companhia Industrial de Ceramica S.A.
United Tiles S.A.
|Mais Partecipazioni Stabili S.r.l. (I. Seragnoli) **||1,911,315||0.74%||0.22%|
|H-INVEST S.p.A. (E. Doris)||1,818,886||0.70%||0.21%|
|Vittoria Assicurazioni S.p.A. (C. Acutis)||1,225,350||0.47%||0.14%|
|Candy S.p.A. (fam. Fumagalli)||1,155,000||0.45%||0.13%|
|TOTAL GROUP B (*) (**)||103,517,230||40.00%||12.02%|
|Financière du Perguet S.A. (Gruppo Bolloré)||51,668,175||19.96%||6.00%|
|TOTAL GROUP C||51,668,175||19.96%||6.00%|
|TOTAL SHARES SYNDICATED||258,812,307||100.00%||30.05%|
* Shareholders: Assicurazioni Generali 14.3%, Fiat 14.3%, Fondiaria-SAI 28.5%, Italmobiliare 14.3%, Pirelli 14.3%, Telecom 14.3%.
** Shares not syndicated to the Agreement: Fininvest S.p.A. 9,113,265; I Seragnoli, via Mais Partecipazioni Stabili S.r.l and ISIS S.p.A. respectively 672,080 and 940,000; Oscar Zannoni’s heirs: Finanziaria Nordica S.p.A. and Kabaca S.p.A., respectively, 5,250 and 39,250.
The recitals to the Agreement, which constitute an integral and substantive part hereof, are as follows:
a) Parties to Groups A, B and C (jointly, the “Parties”) hold shares in Mediobanca S.p.A. (the “Bank”) in the single and aggregate amounts shown in the column headed “No. of shares syndicated” in the table above; such quantities may be increased in accordance with the provisions of point d) of the recitals hereunder, by the quantity of shares, if any, shown in the column headed “Option to buy xxx shares” following exercise of the relevant options (jointly, the “SHARES”). It is hereby understood that Parties to one Group may not become Parties to another Group;
b) against a backdrop of co-operation between the Parties, all three Groups reiterated their common commitment to preserving a stable shareholder base for Mediobanca based on a plurality of shareholders divided into three groups, and concur in seeing the traditional system of corporate governance which leverages on management and provides greater clarity in the roles of the various governing within the company, as fundamental to safeguarding the characteristics, function and traditions of independence of Mediobanca, and to ensuring that consistent management objectives are pursued;
c) In order to ensure substantial parity between the Groups, each of the Parties undertakes to keep all of the SHARES syndicated to this agreement, which in the aggregate account for 38.19%, as from 1 January 2014 30.05% ,of the share capital of Mediobanca, without prejudice to transactions permitted under the terms of the Agreement;
d) No Party to Group B may possess itself or via subsidiaries more than 2% of the share capital of Mediobanca, or such holding as exceeds the total amount deriving from exercise of the option to buy as indicated given in the right-hand column of the table above, save as otherwise provided in points 4 and 5 hereunder;
e) Parties comprising Group C, “non-Italian investors”, may not own an aggregate interest exceeding 11% of the share capital of Mediobanca with the restriction for each participant that it may not own an interest of more than 8%.
f) Participation in the Agreement via trustees and sub-shareholder agreements between only some of the Parties hereto are not permitted;
Main points of the Agreement
In view of the foregoing, the Parties hereby agree as follows:
1) The Parties undertake not to transfer or enter into negotiations, including free of charge, which might directly or indirectly lead to third parties owning or otherwise having available, even on a short-term basis, voting rights over all or part of the SHARES or over such shares as may or may not be acquired by them in the near future under the terms of any rights or bonus rights issues or as a result of exercising subscription rights over shares in the Bank. The Parties likewise undertake not to place any of the SHARES or any part thereof under pledge, usufruct, or any other form of ownership restriction. The Parties may transfer the SHARES or a part thereof to their own parent companies or subsidiaries or to controlled companies owned by the same parent company, provided that the transferee assumes all undertakings provided for herein, including the obligation to sell the SHARES back to the Party which sold them if the controlling relationship between the two companies comes to an end. In the event of Mediobanca increasing its share capital by means of a rights issue involving the issue of ordinary shares or of any other category of shares convertible into ordinary shares or, in the case of securities entitling the holder to subscribe for shares as described above, or of financial instruments otherwise participatory in nature, the Parties shall, at the invitation of the Steering Committee of Parties to the Agreement (the “Steering Committee”), meet with a view to disclosing their decision regarding the matter of exercising such option rights to which they are entitled. Where a Party intends to sell all or part of its option rights, these shall be offered for sale to the other Parties in the Group of which it forms part, which Parties shall be entitled to purchase them pro-rata to the SHARES held by them, without prejudice to the ownership restrictions described in the recitals hereto, at a price equal to the arithmetical average price of the said option rights for the entire life of their listing. Arrangements in this respect shall be agreed at least ten days prior to the date on which the share capital increase is launched and in any case in good time to comply with every reporting requirement stipulated in the regulations in force at the time. The provisions in respect of the SHARES apply to the transfer of option rights contemplated herein. Unless provided otherwise by resolution of the Parties to the Agreement adopted in general meeting, to ensure parity, any rights not disposed of according to the foregoing procedure shall be in accordance with the indications of the Steering Committee which shall meet for such purpose.
2) The SHARES (and, where appropriate, securities representing the right to subscribe to the SHARES or other similar participatory financial instruments) syndicated to the Agreement shall be deposited with Mediobanca (or the entity appointed to act by it and for it), and shall remain so for the entire life, original and/or renewed, of the Agreement.
3) The limit of 2% for holdings owned by Parties and without prejudice to the foregoing, if higher, the percentage holdings deriving from exercise of the option referred to – in accordance with the provisions of letter d) of the recitals – in the table above, may only be exceeded under certain circumstances, and subject to receipt the prior authorization of the Parties to the Agreement in general meeting. The shareholdings, even if higher and save for the Parties currently authorized to hold interests in excess of 2% as shown in the table above, may not in any case exceed the limit of 4% of the share capital of Mediobanca. Save for existing positions as indicated in the right-hand column of the table above, shareholdings acquired exceptionally in excess of the 2% limit shall be syndicated to the Agreement, with the effect that, although such excess shares shall carry their full voting rights at Annual General Meetings of Mediobanca, for the purposes hereof and for the purposes of forming a quorum to pass resolutions in general meetings of the Parties to the Agreement, voting rights for any shares held over and above the 2% limit or other outstanding total indicated in the table - in accordance with the provisions of letter d) of the recitals – shall be suspended. Mergers between two or more Parties constitute an exception to the rule regarding suspension of voting rights as previously described, provided that, and in the extent to which, the proposed exception to the suspension of voting rights meets with the approval of the Parties in general meeting.Parties to the Agreement which are financial intermediaries may own Mediobanca shares in excess of the ownership limits established by the Agreement for trading purposes or as a result of transactions executed on behalf of customers or on the market
4) In derogation of the foregoing provisions, in circumstances deemed to be exceptional, Parties to the Agreement in general meeting may authorize the disposal of part or all of the SHARES. SHARES put up for sale shall be divided pro-rata among the Parties to the Group to which the Party selling them belongs who are interested in acquiring them, without prejudice to the ownership restrictions set forth above with the exception described in Article 3. Any SHARES not placed may be sold in part or in whole to third parties in accordance with the decisions taken by the Parties in general meeting and further subject to acceptance by such third parties of the terms and conditions to the Agreement with regard to all SHARES being transferred or other securities in their possession. Any SHARES not placed shall remain subject to the terms hereof.
5) If the Chairman of the Steering Committee receives notification of major changes in the ownership structure of any one Party, he shall request information on such changes from the said Party. The Committee shall then examine such information, and decide whether or not to ask the Party concerned – who under the terms of the Agreement is bound to comply with such request – to sell its entire syndicated interest pro-rata to the other Parties to the same Group, without prejudice to the ownership restrictions as previously described, or to other parties who shall thereupon become Parties. For SHARES not placed the procedure shall be as provided under the foregoing point 4.
6) The corporate governance bodies of Mediobanca shall have the following structure and composition:
- Board of Directors. The Board is made up of a maximum of 23 members, of whom 5 selected from the executive managers of companies belonging to the Mediobanca Banking Group and proposed by the Managing Director. The list of nominations to the Board of Directors shall include, in order, first the name of the person designated to the role of Chairman, the 5 persons chosen from the executive managers of the Mediobanca Banking Group, including the Managing Director, and 16 other persons, including one or two Deputy Chairmen, designated as follows in compliance with the principle of parity of access to the governing bodies of companies listed on regulated markets: 5 from Group A, 7 from Group B, and 4 from Group C. Each Group shall include among the persons nominated by it 2 candidates who each qualify as independent according to the Code of conduct for listed companies. At least two candidates indicated in the list (who may coincide with those qualifying as independent referred to above) must also qualify as independent as defined in Article 148 of the Italian Consolidated Finance Act. Further, the list shall be composed in such a way as to indicate in the last position an additional candidate to be appointed in rotation by the various Groups, who shall not be elected in the event that minority lists are presented.
- Executive Committee. The Executive Committee is made up of up to 9 members and includes the Chairman of the Board of Directors, the 5 members of the Board of Directors chosen from the executive managers of the Mediobanca Banking Group and three other members each chosen by one of the Groups of parties. If the Chairman of the Board of Directors is also a member of the Mediobanca Banking Group’s executive managers or is one of the members chosen by one of the Groups, the ninth member of the Committee, if appointed, shall be chosen by mutual agreement from among the independent directors..
- Remuneration Committee. The Remuneration Committee is made up of the Chairman of the Board of Directors and 6 other Directors who are non-executive, of which at least the majority must be independent. Each Group shall designate one member and the remaining member shall be appointed by common accord.
- Appointments Committee. The Appointments Committee is made up of the Chairman of the Board of Directors, the Managing Director, the General Manager and 2 other independent directors chosen by the Board of Directors.
- Internal Control Committee. The Internal Control Committee is made up of between three and five independent directors, complying with the guidelines indicated by the supervisory authorities. Each of the three Groups shall designate at least one member of the Committee.
- Statutory Audit Committee. The Statutory Audit Committee is made up of 3 effective members and two substitute members. The effective members are chosen from the majority shareholders list, and designated, in order, one by Group A, one by Group B and one by Group C. The last designate shall not be elected in the event that a minority list is presented. The substitutes are chosen from the majority list, designated in rotation by Group A and Group B. The Chairman is chosen from the minority list, or in the absence of such list is the effective member designated by Group A.
7) The Steering Committee of the Parties to the Agreement is made up of 9 members, three of whom are appointed by Group A, three by Group B and two by Group C, plus the Chairman of the Steering Committee (from 26 February 2013, until established otherwise, the Chairman shall not exercise his voting right on the Steering Committee) who is appointed by the Parties in general meeting. The Steering Committee meets prior to every Ordinary General Meeting of Mediobanca and before every Board meeting held for the purposes of convening Extraordinary General Meetings. The Steering Committee passes resolutions with at least six of the eight members voting in favour. The Steering Committee carries out duties which are preparatory to the general meetings of the Parties, and other functions assigned to it by the Parties in general meeting or otherwise specifically attributed to it under the terms hereof. The Chairman of the Board of Directors and the Chief Executive Officer shall take part in Committee meetings, as shall Bank representatives with other responsibilities at the invitation of the Chairman from time to time. The members of the Committee remain in office for a period corresponding to the original duration of the Agreement, unless the mandate is renewed or revoked early at the unquestionable discretion of the parties represented, who shall be entitled to appoint their possible replacement in the event of the member originally appointed by them leaving office for whatever reason.
8) The Parties in general meeting adopt resolutions in respect of: a) in respect of the appointment of the Chairman of the Board of Directors, the Managing Director, the Deputy Chairman or Deputy Chairman and the Director General, the selection of the other members of the Board of Directors and of the Statutory Audit Committee and every other appointment set out in point 6: b) regarding amendments to this Agreement ;c) with respect to the admission of new parties to the Agreement ;d) regarding the appointments of the members of, and duties assigned to, the Committee and the Chairman thereof; e) on every other matter attributed to it under this Agreement, and in any event following the approval by the Board of Directors of the annual and half-year financial statements.
General meetings of the Parties to the Agreement are called at the instigation of the Chairman of the Steering Committee, or when requests to such effect are made by Parties representing no less than 20% of the SHARES. The Parties in general meeting pass resolutions on all issues with shareholders representing at least two-thirds of the SHARES voting in favour. The Chairman, who is appointed by the Parties in general meeting, is responsible for chairing the proceedings at both general and Steering Committee meetings and performing such duties as are assigned to him under the terms hereof or by the Parties to the Agreement in general meeting.
9) The following shall constitute grounds for exclusion of a Party from the Agreement: exceeding the ownership restrictions placed on holdings by Parties in the share capital of Mediobanca provided for above as amended by the derogations contained herein; and breach of the provisions laid down under the foregoing point 1 hereof. The Chairman (from 26 February 2013 the Steering Committee, until established otherwise), once the facts have been ascertained, shall decide whether to request the Party to sell its entire shareholding syndicated to the other Parties in its Group, who shall be entitled, pro-rata and in addition to their holdings, without prejudice to the limits specified in the recitals to this Agreement, to acquire the relevant share in such holdings through exercising their right within thirty days of receipt of such notice, at a price equal to the average official stock market prices of the shares in the preceding three months, to be paid within the following thirty-day period, against transfer of the SHARES. SHARES not sold shall be placed with new parties who shall become Parties to the Agreement as provided under the foregoing point 9 hereof.
10) The Agreement shall be valid until 31 December 2015 and shall be automatically renewed for a further period of two years by and between Parties not having given notice at least three months prior to the original expiry or extension date, provided that such Parties continue to hold in the aggregate no less than 25% of the share capital of Mediobanca.
11) Without prejudice to all provisions of the Agreement, where there are grounds to do so, subject to prior authorization from the competent bodies, Fin.Priv. may be wound up or other transactions aimed at ensuring direct ownership of the relevant shares in Mediobanca by the investors pro-rata to their stakes in Fin.Priv., it being understood that the increase in shareholdings to derive from the winding up of Fin.Priv. is likely to be authorized.
The Agreement was filed with the Milan Companies’ Register (n° 222481/2011) and most recently on 20/02/2014 (n° 40640/2014).