Déjà vu

Cesare Geronzi is stirring up a storm at Italian merchant bank Mediobanca. The powerful chairman and arch powerbroker is pushing to change the dual board structure at the bank, just a year after it was created. If his aim is only to improve the decision-making process and help Mediobanca to be more efficient, that’s fine. But if Geronzi is only trying to augment his personal influence, it’s not OK. Dual boards are the norm in northern Europe. The supervisory board takes care of strategy and is ...