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Fiat extends Board slate nomination deadline

Fiat has extended the deadline for the submission of slates of candidates for its Board of Directors and Board of Statutory Auditors, to be elected at the AGM on 27 March.

With reference to the forthcoming General Meeting of Shareholders, the Company hereby reports that, according to law and the By-laws, candidate lists for election of the Board of Directors and the Board of Statutory Auditors have been presented by Exor SpA only.

The deadline for presentation of candidate lists for election of the Board of Statutory Auditors is, therefore, extended to March 16th and the minimum share ownership required is reduced to 0.5% of ordinary shares.

The Board of Directors slate proposed by Exor SpA comprises the 15 current members of the Board of Directors. The Board of Statutory Auditors slate proposed by Exor SpA includes two of the three current members, the position of Chairman being required to be filled from the minority slate.

Although the Articles of Association did not state the percentage required to present a list, the more detailed notice of meeting, published after this blog’s previous post on the subject, noted that the percentage had been set at 1% (rather than the legal maximum of 2.5%).

Under the Italian slate system at least one member of the Board of the Directors and the Board of Statutory Auditors must be selected from the minority list. Two institutional investors, Capital Research & Management Co and FMR LLC hold in excess of 5%.

What do you think?