Business · Companies · 18 hrs ago
Three Delfin shareholders challenge the 88% rule for changing its board
Three Delfin shareholders have asked a Luxembourg court to strike down part of an 88% voting rule that governs board appointments.
The action concerns the rule for replacing directors at Delfin, the holding company owned by heirs of Leonardo Del Vecchio.
Delfin has eight shareholders, each holding 12.5%, so seven votes fall just short of the 88% threshold.
The case does not seek to change the rule for decisions such as altering the dividend limit or transferring shares among heirs.
Delfin controls EssilorLuxottica and holds stakes in banks and insurers, including MPS, UniCredit and Generali.
The legal challenge comes as some family members press to refresh the board, amid disagreements within it over a restructuring plan.
The case’s outcome is uncertain, and Luxembourg court proceedings are not expected to be quick.
Three Delfin shareholders have asked a Luxembourg judge to invalidate the 88% voting rule for changing the holding company’s board.
The rule effectively requires unanimity among its eight shareholders because each owns 12.5%.
The legal challenge concerns only how board members are replaced, not the rules for changing the dividend cap or transferring shares among heirs.
The filing comes amid stronger pressure from members of the Del Vecchio family to refresh the board and redistribute responsibilities.
The outcome is uncertain, and Delfin declined to comment.
- Who
- Three Delfin shareholders filed the legal challenge; their identities are not confirmed in the article.
- What
- They asked a Luxembourg judge to invalidate the 88% rule for replacing Delfin board members.
- When
- The shareholders filed the case shortly before summer; the article was published on 24 October 2026.
- Where
- The case is before a judge in Luxembourg, where Delfin is based.
- Why
- The shareholders are challenging the threshold that makes changing the board require unanimous support from the eight shareholders.
This story does not have two clearly opposing sides.
Three Delfin shareholders asked a Luxembourg judge to invalidate the 88% rule for changing the board.
Corriere della Sera reported on the legal challenge.
- Shareholders
- Three of Delfin’s eight shareholders filed the challenge
- Voting threshold
- 88% is required for the board change
- Individual stakes
- Each shareholder owns 12.5%
- Scope
- The case concerns replacing board members, not the dividend cap or transfers of shares
- Location
- Luxembourg