Eni's AGM 2026 & BlackRock

With the upcoming Annual General Meeting of Eni, and the expected appointment of a new Chair of the Board by Giorgia Meloni - representing the controlling shareholder, the Italian Government - the role of institutional investors in ensuring strong governance and accountability remains central.

As the world’s largest asset manager, BlackRock has consistently emphasized the importance of transparency, corporate governance, and alignment between business practices and stated values as key drivers of long-term performance.

In this context, I respectfully bring to your attention - including your leadership under Larry Fink - a matter that has remained unresolved for nearly 25 years.

As a former executive of Eni’s Brazilian subsidiary, I reported a multimillion-dollar scheme involving internal fraud and corruption. I was subsequently dismissed by the very executives involved. Despite repeated engagement with multiple Boards and CEOs over the years, no independent due diligence has ever been conducted on the facts and supporting evidence.

I have also pursued institutional remedies, including the OECD - OCDE National Contact Point (Brazil) and Autorità Garante per la protezione dei dati personali. While the complaint was formally accepted, it did not result in a substantive investigation.

Additionally, I have been the subject of legal actions brought by Eni, raising concerns consistent with internationally recognized patterns of intimidatory litigation (SLAPP).

After nearly 25 years, the absence of an independent and impartial assessment of this case raises questions that extend beyond the individual dimension, touching on governance, accountability, and oversight.

Given BlackRock’s role as a significant global investor, I respectfully invite BlackRock to review the available documentation, including a detailed memorial and a comprehensive chronology of events.

Following such review, I further invite you to consider whether this matter should be raised within the context of the 2026 Annual General Meeting, ensuring that it receives appropriate visibility and governance-level consideration.

Addressing this matter is not only about revisiting the past.

It is about strengthening trust, accountability, and long-term integrity.


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✅ Learn more about the Flinto Case:

1️⃣ Memorial (1999–2025);

2️⃣ Chronology of facts supported by documentary evidence.

Eni: Time to reassess!

‼️ It is time to reassess choices and attitudes. Persisting in the denial of facts, ignoring the very principles that Eni claims to uphold, and remaining silent in the face of robust evidence not only exacerbates the damage already caused, but also seriously undermines the company’s institutional credibility. There is still time to correct mistakes, assume responsibility, and demonstrate - through concrete actions - a genuine commitment to truth, justice, and the ethical values that should guide any organization that seeks to be regarded as reputable by global public opinion ‼️

What motivated the creation of the Brazilian Business Ethics Institute?

Some stories do not belong only to the past. They explain the very reason an institution exists.

Today, I added to the “Who We Are” section of the Brazilian Business Ethics Institute’s website the full account of the real-life experience that gave birth to the Institute.

This is not theory.

This is not corporate rhetoric.

This is about the brutal price often paid when someone decides not to remain silent in the face of corruption.

Twenty-five years ago, one ethical decision radically changed my professional, personal, and emotional life. What began with the discovery of a multimillion-dollar fraud scheme in the fuel sector within Eni’s Brazilian subsidiary turned into a long journey marked by institutional silence, retaliation, attempts to destroy my reputation, and an unrelenting fight for the truth.

It was precisely from this extreme experience - seeing from the inside how the absence of ethics corrodes companies, leadership, and lives - that the Brazilian Business Ethics Institute (Instituto Brasileiro de Ética nos Negócios) was born.

The new “Who We Are” section does not simply present the story of an organization.

It reveals the moral origin of our purpose.

Because business ethics is not born in manuals.

It is born when someone is faced with the choice between convenience and integrity.

And the question that still echoes is:

📌 how many companies are truly prepared to protect those who choose to do the right thing?

My story is, at the same time, a denunciation, a legacy, and a commitment.

And perhaps it will provoke a necessary reflection among leaders, boards, investors, compliance professionals, and the future generations of executives.

✅ Access the “Who We Are” section on the website of the Brazilian Business Ethics Institute.