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People
Capitalia board seeks shareholder approval of Geronzi
The newly elected board of
Capitalia, the
Italian bank, appointed Cesare Geronzi as its chairman last month. However, at the same
time as announcing his appointment, Capitalia revealed Geronzi had been
suspended from the board as a result of his conviction on bankruptcy
charges.
Italian law requires that a board member of a bank be
automatically suspended if convicted. The bank has therefore called a
shareholders meeting for 18 January to seek Geronzi’s reinstatement.
Paul Betts in the
Financial Times (13 December) suggested that while Mario Draghi, Bank of
Italy governor, can not take any concrete action against the situation at
Capitalia, he should at least raise an eyebrow. This, said Betts, might
encourage shareholders to consider whether the re-election of Geronzi – who was
also suspended earlier this year as a result of his conviction in a legal action
stemming from the Parmalat scandal - is appropriate.
Links
Capitalia
Financial Times
January, 2007 |
