MILAN, Oct 11 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) said on Wednesday it was recommending that Mediobanca (MDBI.MI) investors vote in favour of the outgoing board's slate of nominees for the Italian bank's new board.
The bank's board is elected for a three-year term and the current term expires on Oct. 28, when Mediobanca shareholders will vote on the renewal of the board, including the chief executive.
Mediobanca's outgoing board has proposed 15 members for the full board, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro.
Mediobanca's outgoing board's slate of nominees "is adequately positioned to represent the long-term interests of institutional investors and carry out an effective oversight of the management's action", ISS said in a report.
The current board has the support of a group of Italian investors, representing a combined 10.9% stake.
Persons:
Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Francesco Gaetano Caltagirone, Gianluca Semeraro, Leslie Adler
Organizations:
MILAN, Services, Thomson
Locations:
Italian