Milan — The board of Italy’s biggest listed company Enel on Friday appointed Flavio Cattaneo as CEO and General Manager, handing him all powers for the management of the power utility.
On Wednesday Enel’s shareholders had elected Cattaneo and other five candidates proposed by the Italian government to the board of the utility, defeating the nominees proposed by rebel investor Covalis.
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.
Enel’s board confirmed the existing division of responsibilities, handing Scaroni with the power to supervise audit activities, to drive and oversee the application of corporate governance rules and to maintain, in agreement and coordination with the CEO, relations with institutional bodies and authorities.
Directors Johanna Arbib, Mario Corsi, Dario Frigerio, Fiammetta Salmoni, Paolo Scaroni, Alessandra Stabilini and Alessandro Zehentner were indicated as independent board members.
London-based hedge fund Covalis had called for a reform of corporate governance at Enel, proposing its own candidate, Marco Mazzucchelli, as independent chairman.
Reporting by Francesca Landini, Editing by Louise Heavens
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