Italy Names Nominees To Enel, Eni, Finmeccanica, Poste Italiane Boards

(RTTNews) - The Italian government announced Tuesday nominees to boards of three of the largest state-controlled companies, Eni SpA (E), Enel SpA (EN) and Finmeccanica SpA (FNA.L). The government also named nominees to the board of Italian postal services operator Poste Italiane.

The government has proposed six nominees to the new board of utility company Enel, with Patrizia Grieco being proposed as Chairman and Francesco Starace as CEO. Italy holds 31.24 percent of the share capital of Enel.

It has also proposed six nominees to the new board of oil and gas company Eni, with Emma Marcegaglia being proposed as Chairman and Claudio Descalzi as CEO. Italy holds 30.1 percent of the share capital of Eni.

The nominees to the seven-member board of defense contractor Finmeccanica (FNA.L) was also announced, with Gianni De Gennaro being proposed as Chairman and Mauro Moretti as CEO. Italy holds 30.2 percent of the share capital of Finmeccanica.

Additionally, the government named nominees to the five-member board of Poste Italiane, with Luisa Todini being proposed as Chairman and Francesco Caio as CEO. Italy holds 100 percent of the share capital of Poste Italiane.

The Italian finance ministry is the largest shareholder of Eni, Enel and Finmeccanica, but the shareholders of the respective companies have to approve the nominees for a term of three years.

According to Bloomberg, the new Italian Prime Minister Matteo Renzi has chosen internal candidates as nominees to the boards, while also proposing three women as chair.

The move is in line with Renzi's promise to bring new management into public administration and state-controlled businesses, as well as put more women in executive positions, according to Bloomberg.

The Italian government noted that it will propose gross annual compensation of 238 million euros gross as the fees provided for new presidents of Enel, Eni, Finmeccanica and the Italian Post Office.

In Milan, Enel shares closed Tuesday's regular trading at 3.92 euros, down 0.05 euros or 1.16% on a volume of 40.20 million shares, while Eni shares closed at 18.39 euros, up 0.25 euros or 1.38% on a volume of 16.67 million shares.

Finmeccanica shares closed at 6.35 euros, down 0.35 euros or 5.22% on a volume of 12.01 million shares.