With reference to news that appeared in the press as of the evening of Saturday 29 April, concerning 'Frontis recommendations' relating to the upcoming Enel shareholders' meeting, it should be specified that Frontis Governance does not issue 'voting recommendations' addressed to the generality of investors.
Frontis Governance analyses are realised on the basis of the guidelines of each individual customer institutional investor. What has been unduly reported in the press is a partial extrapolation of an analysis carried out exclusively for a single customerbased on the specific, and very precise, guidelines set by the institutional investor itself. The text reported in the press therefore does not necessarily reflect the analysis carried out for other institutional investors, who each adopt their own governance principles and voting guidelines.
It is also worth recalling the provisions of the Frontis Governance Policies concerning the relationship with issuers and media, publicly available on the site: 'The content of proxy reports is defined on the basis of governance principles shared with clients, institutional investors in possession of the most appropriate skills to apply the analyses to their needs, and of a private contractual relationship. For this reason, the content of proxy reports is strictly confidential and unauthorised reproduction is prohibited". "Frontis Governance does not share its analysis reports with the press, either before or after the meetingbut always makes himself available for comment on relevant issues'.
