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© 2026 KKCG. All rights reserved
© 2026 KKCG. All rights reserved
KKCG Maritime contends that the voting rights of Ferretti International Holding S.p.A. / Weichai should have been suspended under Italy's Golden Power framework due to alleged non-compliance with mandatory notification obligations.
Beyond its implications for the outcome of Ferretti’s 2026 Shareholders’ Meeting, the issue has significant implications both for market transparency and broader Italian strategic interests.
KKCG Maritime believes that this is not merely a technical voting issue and that transparent, effective and consistent application of the Golden Power framework is important for market confidence, good governance and the proper oversight of companies operating in sectors of strategic relevance to Italy.
KKCG Maritime’s claim seeks to address both the disputed AGM outcome and the broader governance and transparency issues arising from the vote. These matters remain subject to ongoing proceedings and have not been determined by the Court.
KKCG Maritime has filed a claim before the Civil Court of Bologna's Specialized Business Section in relation to certain resolutions adopted at Ferretti's Shareholders' Meeting held on 14 May 2026.
The claim includes a request for urgent interim relief seeking suspension of the challenged resolutions and a recount of votes pending the outcome of the proceedings.
The claim concerns certain AGM resolutions, including those relating to the appointment of Ferretti's Board of Directors, the determination of Directors' remuneration and the appointment of the Board of Statutory Auditors.
KKCG Maritime is asking the Court to order a recount of votes on the disputed items and to give effect to the resulting outcome.
Item
KKCG Maritime position / figure to include
FIH / Weichai stake
According to public disclosures, Ferretti International Holding S.p.A. (“FIH”) is the vehicle through which Weichai holds 39.5% of Ferretti.
Relative slate support
According to published AGM voting information, the FIH slate received support from 15 shareholders representing 49.74% of share capital, whereas KKCG Maritime's slate received support from 164 shareholders representing 45.11% of share capital.
Independent proxy advisor support
KKCG Maritime's slate was also endorsed by the two largest independent proxy advisors ISS and Glass Lewis.
Requested remedy
KKCG Maritime is seeking suspension of the challenged resolutions, a vote recount and effect to the resulting outcome.
KKCG Maritime raised concerns relating to the proposed AGM voting process.
11 May 2026
KKCG Maritime published the conclusion of its proxy solicitation campaign relating to the Ferretti AGM.
14 May 2026
KKCG Maritime stated that the AGM minutes and supporting documentation required further assessment.
5 June 2026
KKCG Maritime filed a claim before the Civil Court of Bologna seeking urgent interim relief, including suspension of challenged AGM resolutions and a vote recount.
10 June 2026
Certain resolutions adopted at Ferretti's 14 May 2026 Shareholders' Meeting, including resolutions concerning the appointment of governance bodies. The claim is based on KKCG Maritime’s position that FIH’s voting rights should have been suspended under Italy’s Golden Power framework due to FIH/Weichai’s alleged failure to comply with mandatory notification obligations applicable to investments in companies holding assets and know-how of strategic relevance to Italy’s national security and defence interests. Ferretti’s strategic importance in fact, has been formally recognized by the Presidency of the Council of Ministers several times.
Urgent suspension of the challenged resolutions, a recount of votes on the disputed items and effect to the outcome that would result from that recount.
KKCG Maritime contends that FIH / Weichai's voting rights should have been suspended under Italy's Golden Power framework due to alleged non-compliance with mandatory notification obligations. In KKCG Maritime's view, the issue matters for Italy because the Golden Power regime is designed to safeguard strategic national interests and should be applied consistently where its notification requirements are engaged.
The matter is before the Civil Court of Bologna. KKCG Maritime may provide further public updates as appropriate, subject to legal review.
KKCG Maritime views the issue as relevant to the credibility and consistent application of Italy’s Golden Power safeguards in the governance of a listed Italian industrial company.