MILAN, April 22 The chairman of the supervisory
board of Italy's Banca Popolare di Milano resigned on
Monday as the cooperative lender gears up to change its
corporate governance structure.
The bank said in a statement that Filippo Annunziata had
resigned his position on the board with immediate effect.
In March Popolare di Milano approved a plan to transform the
bank into a joint-stock company (JSC) from a cooperative lender.
The change in governance, which still needs to be voted on
by shareholders, would include cancelling the rule of "one
shareholder, one vote".
Current governance gives significant power to trade unions
and some analysts have expressed concern that some union members
might oppose the transformation into a JSC.
In a letter attached to Monday's statement, Annunziata said
the announcement by three members of the supervisory board to
propose a governance reform different to the one approved by the
management board was a "dysfunctional episode".
It has "created confusion, opacity, difficulty in relations
with the management board, misunderstandings with the regulators
and the media", Annunziata said.