Italy’s market regulator Consob has ruled that all three slates of nominees submitted for the board of Monte dei Paschi di Siena (MPS) are fully legitimate, according to a source familiar with the matter. The decision follows a complaint filed by MPS’s current board over a slate presented by small investor PLT Holding, which aims to secure another term for CEO Luigi Lovaglio.

Consob, working closely with the European Central Bank, dismissed the complaint and confirmed that none of the candidate lists violate regulations. The regulator also clarified that its decision is final, aiming to remove uncertainty after MPS previously described its discussions with authorities as preliminary.

The ruling comes ahead of the April 15 shareholder vote to appoint a new board and CEO, with governance advisers preparing voting recommendations. While PLT supports Lovaglio’s continuation, the current MPS board is backing Fabrizio Palermo, CEO of utility company Acea, and a third slate has been submitted by fund manager association Assogestioni.

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