Asset managers unite for iNed push at eyewear firm

Leadership crisis

Legal & General, Fidelity International and Baillie Gifford are among asset managers joining forces to secure the election of new independent non-executive directors (iNeds) at eyewear multinational EssilorLuxottica (EL), which is currently embattled in a governance crisis.

The asset managers are backing a resolution to be voted on later this month at EL's AGM, at which executive chairman Leonardo Del Vecchio and co-chief executive Hubert Sagnières are set to clash, according to the FT. Industry moguls flex stewardship muscles over board shortcomings Since Essilor and Italy's Luxottica combined in early 2017, the pair have been at odds over their own leadership, while March ignited fresh tensions to hire a new chief executive. As a result of the leadership crisis, shares in the firm have underperformed equity markets. Led by French asset managers C...