London-based activist investor Covalis has lost its boardroom battle at Italian power utility company Enel, after shareholders elected Flavio Cattaneo as CEO and General Manager, and another five candidates proposed by the Italian government to the board of the utility, defeating Covalis’ alternative slate, according to a report by Reuters.
London-based activist investor Covalis has lost its boardroom battle at Italian power utility company Enel, after shareholders elected Flavio Cattaneo as CEO and General Manager, and another five candidates proposed by the Italian government to the board of the utility, defeating Covalis’ alternative slate, according to a report by Reuters.
Paolo Scaroni, a former Enel and Eni CEO who was the Treasury’s choice to become chairman of the group, was also elected at Enel’s shareholder meeting on Wednesday.
Directors Johanna Arbib, Mario Corsi, Dario Frigerio, Fiammetta Salmoni, Alessandra Stabilini and Alessandro Zehentner were all elected as independent board members.
Covalis had called for a reform of corporate governance at Enel, proposing its own candidate, Marco Mazzucchelli, as independent chairman.
