(Alliance News) - Luigi Lovaglio remains at the helm of Montepaschi after securing a majority at the shareholders' meeting for the renewal of the board of directors. Support from Banco BPM and Delfin proved decisive, together helping to steer the outcome of the vote. The market largely backed the outgoing board's slate, in line with recommendations from proxy advisors. The new board comprises eight directors representing the majority and seven from the minority lists.
The shareholders' meeting opened shortly before 10:30, with attendance exceeding 64% of the share capital. During the morning session, the financial statements were approved and two liability actions were rejected, while the vote for the board renewal took place in the afternoon.
Three lists were submitted: two majority slates, one from the outgoing board and one from Plt Holding, and a minority list filed by Assogestioni. The balance was struck thanks in part to the weight of Delfin and Banco BPM, which together represent approximately 21.3% of the capital.
Fondazione Mps, which holds a 0.2% stake, chose to abstain from the governance vote.
At the start of proceedings, Chairman Maione noted the composition of the major shareholdings: Delfin holds 17.53%, the Caltagirone group 10.26%, BlackRock 4.98%, the Treasury 4.86%, and Banco BPM 3.74%. The total stake attributable to Caltagirone amounts to 13.5% of the capital.
MPS shares rose 5.0% to EUR8.64.
By Maurizio Carta, Alliance News reporter
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