In the spring of 2023, London hedge fund Covalis Capital mounted a shareholder’s rebellion at Enel when it nominated a slate of directors to challenge those nominated by the Italian government. At stake was the strategy and direction of Italy's largest listed company, an ESG star and one of the world’s biggest renewable utilities. The initiative captured international headlines and caused a passionate battle that raised questions about the governance of Italian state-run companies and the rights of public investors in those companies. Though ultimately the vote went against the insurgent slate, did the revolt signal a change in the governance of listed Italian SOEs?
Citation: Gwen Kinkead, "Covalis Capital," Yale Case Study 23-022, July 3, 2023.