Banco BPM board approves list of candidates for new board

Banco BPM board approves list of candidates for new board

Banco BPM Board Approves List of Candidates for New Board
March 3, 2026

Banco BPM’s outgoing board of directors has approved a list of candidates for the upcoming board renewal in April, with the finalized names expected to be formalized next week. The decision, confirmed by a bank spokesperson following a board meeting, aligns with the outgoing board's ongoing efforts to shape the governance structure under revised rules introduced by the Capital Law.

The new regulatory framework, incorporated into the bank's bylaws and approved by an extraordinary shareholders’ meeting on February 24, includes two key changes. First, a "double-vote" mechanism will apply if the board's candidate list receives the most votes. Under this system, shareholders will individually vote on 20 candidates, with the top vote-getters elected until all 15 board seats are filled. Second, minority representation has been expanded, with reserved seats for minority lists doubling from three to six. This adjustment reflects growing demands for broader shareholder participation, particularly from Credit Agricole, Banco BPM's largest shareholder with a 20.1% stake.

Credit Agricole has not yet decided whether to support the outgoing board's list or submit its own minority slate. If the board's list prevails, the French bank could secure up to three seats proportionally, while a separate minority list could allow it to claim up to four seats. The allocation of minority seats will depend on the vote share of the top two minority lists, ranging from three seats for up to 20% of votes to six seats if the threshold exceeds 50%.

The candidate list must be submitted by March 6, 40 days before the April 16 shareholders' meeting. CEO Giuseppe Castagna, who has led the bank since 2017, is widely expected to retain his role. The Antitrust Authority has also signaled scrutiny of potential overlaps in board roles held by Credit Agricole representatives.

This governance overhaul marks a pivotal shift in Banco BPM's corporate structure, balancing majority control with enhanced minority representation under the revised framework.