Investors are increasingly raising their voices against the changes in listed companies controlled by the states and an example is the unusual initiative of the Covalis fund against the decision of the Government of Giorgia Meloni to relieve the leadership of Enel, owner of Endesa. "The current appointment undermines investor confidence, erodes value and is outside the international standards of best practices in shareholder democracy," disqualifies Zach Mecelis, founder and head of Covalis in a statement, which calls for another board of directors that includes the Spaniards Paulina Beato and Daniel Lacalle as advisers.
This hedge fund only controls 1% of the capital, but hopes to bring together other investors and face the 23% that the Italian State controls, which, although it is a minority, is the main shareholder and has proceeded to dismiss Francesco Starace as chief executive of the group. According to Covalis, which is based in the Cayman Islands, it is not clear the new direction that Enel will take, which is worth 60,000 million and considers an independent Enel leadership that "reflects the international presence in Italy, Spain and the United States" necessary. . With this argument, he proposes that, in addition to Italians, the American Leilani Latimer, the former Repsol and Red Eléctrica advisor, Paulina Beato and the economist Daniel Lacalle join the council.
Meloni herself took over the appointments last week at Enel and other companies under her control: "The appointments of the new top managers at Eni, Enel, Leonardo and Poste are the result of a careful assessment of capabilities and not of affiliations" , said the Prime Minister of Italy denying political interference.
In the case of Enel, it announced the appointment of Paolo Scaroni as Chairman of Enel and Flavio Cattaneo as the company's new CEO, as well as the appointment of Alessandro Zehenter, Johanna Arbib Perugia, Fiammetta Salmoni and Olga Cuccurullo as directors.
For Mecelis, in statements to the Financial Times, "this toxic appointment procedure must end." In his opinion, the drop in Enel's share price after the replacement of Starace, who is also vice president of Endesa, responds to political "interference" and demands that the Italian government consult shareholders and corporate governance experts before consummating the changes.
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