Finance
Glass Lewis Recommends Mps Investors Vote for Board Slate With Palermo as CEO
Published by Global Banking & Finance Review®
Posted on April 3, 2026
2 min readLast updated: April 3, 2026
Add as preferred source on GoogleQuick Summary
Proxy adviser Glass Lewis on April 3, 2026 urged Monte dei Paschi di Siena (MPS) shareholders to support the board‑proposed slate featuring Fabrizio Palermo as new CEO, balancing continuity and leadership transition amid MPS’s strategic acquisition of Mediobanca.
Glass Lewis Endorses Board Slate with Palermo as CEO for Monte dei Paschi
Proxy Advisers Influence Monte dei Paschi Board Election
MILAN, April 3 (Reuters) - Leading proxy adviser Glass Lewis on Friday urged shareholders in Monte dei Paschi di Siena to back a slate of board candidates proposing to name Fabrizio Palermo, the current CEO of utility Acea, as chief executive on April 15.
Key Decisions for Monte dei Paschi Shareholders
Monte dei Paschi (MPS) shareholders are called to elect a new board at Italy's third-largest lender and choose whether to hand current CEO Luigi Lovaglio a new term or pick Palermo, as proposed by the bank's board.
Glass Lewis Recommendation
Glass Lewis said the board's slate best balances continuity and change at a critical point for the bank, preserving institutional knowledge while enabling a planned transition in top leadership following the acquisition of merchant bank Mediobanca.
Alternative Slate Proposed by PLT Holding
It said that at MPS's annual general meeting shareholders should not vote for an alternative slate put forward by MPS investor PLT Holding, which is proposing handing Lovaglio another term.
Other Proxy Adviser Recommendations
This week rival proxy adviser International Shareholder Services also advised backing the list of candidates put forward by MPS' outgoing directors with Palermo as CEO.
ISS Arguments and Voting Process
ISS argued a second vote would then give shareholders a chance to reject individual nominees such as the MPS chairman and the head of the appointment committee.
Italian Board Election Rules
Under Italian rules the board's slate of nominees is subject to two round of voting, unlike shareholders' lists.
(Reporting by Andrea Mandala, writing by Gavin Jones)
Key Takeaways
- •Glass Lewis recommends shareholders back board’s slate with Acea CEO Fabrizio Palermo taking over on April 15, highlighting the balance of continuity and change
- •The recommendation follows MPS’s bold M&A drive, including a €13.3 billion takeover bid and eventual control of Mediobanca, targeting annual synergies of €700 million
- •Fabrizio Palermo brings significant experience from Acea and Cassa Depositi e Prestiti, positioning him as a capable leader for the next phase of MPS’s transformation
References
Frequently Asked Questions about Glass Lewis recommends MPS investors vote for board slate with Palermo as CEO
1Who did Glass Lewis recommend as CEO for Monte dei Paschi di Siena?
Glass Lewis recommended shareholders support a board slate naming Fabrizio Palermo as CEO.
2What is the significance of the upcoming MPS shareholder vote?
MPS shareholders will elect a new board and CEO, choosing between current CEO Luigi Lovaglio and candidate Fabrizio Palermo.
3Why does Glass Lewis support the board's slate over others?
Glass Lewis believes the board's slate provides a balance of continuity and change at a critical time for MPS.
4What alternative did PLT Holding propose for the MPS board?
PLT Holding put forward a slate supporting another term for current CEO Luigi Lovaglio.
5How are board nominees elected at MPS under Italian rules?
Board nominees on the board’s slate are subject to two rounds of voting, unlike shareholder lists.
