Hermes fund loses challenge to Italmobiliare exec

MILAN, April 30 (Reuters) - Serfis, a holding company for Italy's Strazzera family, got its nominees for an independent directorship and auditor position at Italmobiliare SpA (ITMI.MI: Quote, Profile, Research) elected on Wednesday, despite a challenge over its ties to the Pesenti family which controls the investment company.

Shareholders in Italmobiliare re-elected Livio Strazzera to the board, snubbing a rival nominee put forward by British fund manager Hermes Focus Asset Management Europe (HFAME).

Serfis holds around 10 percent of Italmobiliare, while the Pesenti family own a 50.1 percent stake through their Efiparind BV holding company.

Italian bourse regulator Consob had asked Italmobiliare to provide information on possible links between the Pesenti family and the Strazzera family's Serfis after a request from Hermes made on April 24.

Italmobiliare's chief executive Giampiero Pesenti, speaking at the company's annual meeting said the board was not aware of any links between Serfis and Efiparind.

"The board does not consider it evidence of a link ... that Livio Strazzera ... has been elected twice as a director -- with the vote of both Serfis and of the controlling shareholder," Pesenti said, quoting the company's reply to Consob.

Activist funds with holdings in Italian companies have become increasingly vocal in their requests sometimes giving rise to tensions with the companies' management.

Last week British fund Algebris lost its bid to appoint an independent auditor at Italy's biggest insurer Assicurazioni Generali (GASI.MI: Quote, Profile, Research).

Britain's Hermes holds 2.8 percent of the voting rights in Italmobiliare. It has criticised the company over its investment policy, corporate governance and alleged lack of transparency.