Published by Global Banking & Finance Review®
Posted on March 27, 2026
2 min readLast updated: March 27, 2026
Add as preferred source on GoogleMPS has announced that both the ECB and CONSOB have validated all three board candidate slates, including one backed by PLT Holding featuring CEO Luigi Lovaglio, ensuring he remains a contender ahead of the April 15 shareholder vote.
March 27 (Reuters) - Monte dei Paschi di Siena (MPS) on Friday said the European Central Bank and market supervisors had declared valid all three lists of candidates presented for the renewal of its board, leaving CEO Luigi Lovaglio in the running for reappointment.
Based on "the preliminary interactions carried out with CONSOB and the European Central Bank, on the basis of the respective competences and the information received so far, all of the three lists presented can be voted by the shareholders," MPS said in a statement.
MPS had filed a complaint over the slate that small investor PLT Holding had filed to keep Lovaglio in the job after the bank's board proposed an alternative CEO candidate in its list of board nominees, Reuters reported on Thursday
In an intensifying boardroom struggle at Italy's third-largest bank, on Wednesday MPS directors stripped Lovaglio of his executive powers following his bid to secure a new term.
The MPS board has chosen Fabrizio Palermo, current head of Rome-based utility ACEA, as its CEO candidate.
The board's decision to rule Lovaglio out at the eleventh hour followed tensions with a key shareholder over the CEO's strategy for recently acquired peer Mediobanca.
MPS shareholders will meet to vote on the competing slates on April 15, when they elect a new board and CEO.
By 0945 GMT shares in MPS edged higher bucking a 1% drop in the Italian sector.
(Reporting by Enrico Sciacovelli and Mirko Miorelli)
Both the European Central Bank and CONSOB validated all three board candidate lists presented for MPS's board renewal.
Yes, CEO Luigi Lovaglio remains eligible for reappointment following the validation of the board lists.
MPS shareholders will vote on the competing board and CEO slates on April 15.
The current MPS board has proposed Fabrizio Palermo, head of ACEA, as their CEO candidate.
MPS directors removed Lovaglio's executive powers due to boardroom tensions related to his strategy and bid for a new term.
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