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Italy’s Eni votes new board as Descalzi set for fourth CEO term
Global Banking and Finance Review
Company
MILAN (Reuters) – Shareholders of Italy’s Eni voted on Wednesday for the board members proposed by the Italian Treasury, clearing the way for Claudio Descalzi to serve as the CEO of the energy group for an unprecedented fourth term.
MILAN (Reuters) – Shareholders of Italy’s Eni voted on Wednesday for the board members proposed by the Italian Treasury, clearing the way for Claudio Descalzi to serve as the CEO of the energy group for an unprecedented fourth term.
The newly-elected board of directors, including Descalzi and former tax police general Giuseppe Zafarana who was appointed chairman, was expected to meet on Thursday to formalise Descalzi’s CEO nomination.
The manager is on course to become the longest-serving company head at state-controlled Eni since its foundation in 1953.
He has held the job since 2014, and last year helped the Italian government secure alternative gas supplies as Moscow curtailed its flows to Italy following Russia’s invasion of Ukraine.
Around 77% of shareholders registered for the annual general meeting have voted for the nine-member board presented by the Treasury, which owns 4.4% of Eni’s capital. Italian state lender CDP has another 26.2% stake in the company.
(Reporting by Cristina Carlevaro and Francesca Landini, editing by Alvise Armellini and Chizu Nomiyama)
Corporate governance refers to the systems and processes that direct and control a company. It involves balancing the interests of stakeholders, including shareholders, management, customers, suppliers, and the community.
The energy sector encompasses the production and sale of energy, including fuel extraction, manufacturing, refining, and distribution. It includes various sources like oil, gas, coal, and renewable energy.
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