ENEL S.p.A.
Borsa Italia: ENEL                                         Meeting Date: 5/22/2014

State-controlled energy firm Enel, whose executives have been plagued by allegations of environmental degredation and corruption, may see significant changes to its corporate governance structure following this year’s AGM. The Italian government, tired of the slow pace of reform, has required the Company to replace top executives, improve board independence and diversity and rid itself of directors tied to illegal activities. While some changes will undoubtedly be welcomed by minority shareholders, shareholders may question an amendment to the Company’s articles of association proposed by the Italian government, which essentially requires a director to resign from the board after being indicted in a judicial investigation, regardless of whether such indictment results in a conviction or admission of guilt. Many investors view such a hardline clause as not only unprecedented, but also questionable in its effect. At the recent AGM of Eni S.p.A., another state-controlled firm where a similar amendment was proposed, the proposal was rejected with the disapproval of approximately 80% of unaffiliated institutional investors, some of whom are said to have broken into applause when the results were announced (Guy Dinmore. “Italian PM Renzi dealt embarrassing defeat by Eni shareholders.” Financial Times. May 8, 2014). With a relatively similar ownership structure, the government should be prepared for another defeat at Enel’s AGM.

 

GOLDMAN SACHS
NYSE:  GS                                                                       Meeting Date 5/16/2014

SANTOS LIMITED
Australian Stock Exchange:  STO                                  Meeting Date 5/16/2014

LEIGHTON HOLDINGS LIMITED
Australian Stock Exchange:  LEI                                   Meeting Date 5/19/2014

SOCIÉTÉ GÉNÉRALE
NYSE Euronext Paris:  GLE                                    Meeting Date 5/20/2014

BOSTON PROPERTIES INC.
NYSE:  BXP                                              Meeting Date 5/20/2014

DEUTSCHE BANK (see Proxy Season Insider here)
Deutsche Borse:  DBK                                              Meeting Date 5/22/2014

URBAN OUTFITTERS, INC.
NASDAQ:  URBN                                              Meeting Date 5/27/2014

ILUKA RESOURCES LIMITED
Australian Stock Exchange:  ILU                                              Meeting Date 5/28/2014

ALCATEL-LUCENT
NYSE Euronext Paris:  ALU                                              Meeting Date 5/28/2014