已故意大利大亨莱昂纳多·德尔·维基奥的继承人加大了在家族控股公司Delfin争取更大话语权的力度。Delfin是一个商业帝国的中枢，其投资包括眼镜巨头依视路陆逊梯卡（EssilorLuxottica）、意大利保险公司忠利（Generali）和银行锡耶纳牧山银行（MPS）。
Heirs to late Italian magnate Leonardo Del Vecchio have stepped up efforts to gain a greater say in family holding company Delfin, the hub of a business empire whose investments include eyewear giant EssilorLuxottica (ESLX.PA), Italian insurer Generali (GASI.MI) and lender MPS (BMPS.MI). Since the death of Luxottica founder Del Vecchio in 2022, Luxembourg-based Delfin has been run by an independent board whose members are appointed for fixed terms and largely shielded from the influence of the heirs by the holding company's strict governance rules.
自陆逊梯卡创始人德尔·维基奥于2022年去世以来，总部位于卢森堡的Delfin一直由一个独立董事会管理，其成员按固定任期任命，并且凭借该控股公司严格的公司治理规则，基本上不受继承人的影响。
Delfin is the largest shareholder in EssilorLuxottica, whose brands include Ray-Ban, with a 32.4% stake, and it has been a key player in Italy's ongoing banking consolidation.
Delfin是依视路陆逊梯卡的最大股东，持股32.4%，后者旗下品牌包括雷朋（Ray-Ban）；Delfin在意大利正在进行的银行业整合中也一直扮演关键角色。
In the latest challenge to the structure, three of Delfin's eight investors have asked a court in Luxembourg to change a provision in the bylaws that effectively subjects any changes in the board composition to a unanimous shareholder decision, two people close to the matter told Reuters.
据两位知情人士向路透社透露，在对这一架构的最新挑战中，Delfin的八名投资者中有三人已请求卢森堡一家法院修改公司章程中的一项条款，该条款实际上使董事会的任何组成变动都须经股东一致同意。
The proposed changes would render sufficient a two-thirds majority, equivalent to the vote of six Delfin shareholders.
拟议的修改将使三分之二多数（相当于六名Delfin股东的投票）即足以通过。
Leonardo Del Vecchio divided Delfin equally among his six children, as well as his widow and her son from another marriage.
莱昂纳多·德尔·维基奥将Delfin平均分配给了他的六个子女，以及他的遗孀和她与前一段婚姻所生的儿子。
Divisions between the eight heirs, who include the high-profile Leonardo Maria Del Vecchio, have left the board with greater scope to call the shots, and Delfin has remained a steady long-term investor in its various companies despite the family squabbles.
这八名继承人——其中包括备受关注的莱昂纳多·马里亚·德尔·维基奥——之间的分歧，使董事会有更大的空间发号施令；尽管家族纷争不断，Delfin对其旗下各家公司仍是一个稳定的长期投资者。
However, the challenge to Delfin's governance, led by Paola and Luca Del Vecchio and fellow heir Rocco Basilico, could have repercussions on the investment portfolio, analysts said.
然而，分析师表示，由保拉·德尔·维基奥和卢卡·德尔·维基奥以及同为继承人的罗科·巴西利科牵头的对Delfin治理的挑战，可能会对投资组合产生影响。
"Governance concerns at Delfin have spilled over onto EssilorLuxottica," Bernstein said in a note last month.
伯恩斯坦在上个月的一份报告中表示：“Delfin的治理问题已经波及依视路陆逊梯卡。”
Instability at Delfin is also widely seen as having played a role in the vehicle's decision to back a takeover bid for MPS by Intesa Sanpaolo (ISP.MI), with bankers saying MPS's defence strategy was too complex and risky to embark upon without a united front.
德尔芬公司的不稳定也被广泛认为在该公司决定支持联合圣保罗银行（ISP.MI）对MPS的收购要约中发挥了作用，银行家们表示，MPS的防御策略过于复杂和冒险，如果没有统一战线就无法实施。
Shareholders in MPS vote on the strategy on Thursday and are expected to sink the defence plan after it lost Delfin's support.
MPS的股东将于周四对该策略进行投票，预计在失去德尔芬的支持后，他们将否决这一防御计划。
Under the structure left by the late Del Vecchio, key matters are in the hands of the board, unless the eight heirs, who each own 12.5% of Delfin, can reach a unanimous decision or a very wide agreement.
在已故德尔·韦基奥留下的架构下，关键事项由董事会掌控，除非八位继承人——每人各持有德尔芬12.5%的股份——能够达成一致决定或非常广泛的共识。
In a growing source of frustration for some of the heirs, Delfin shareholders have been unable to muster the enhanced majority needed to raise the 10% cap on profit distributions.
令部分继承人日益不满的是，德尔芬的股东一直无法凑齐所需的强化多数票，以将利润分配的上限从10%提高。德尔芬2025年的利润总额为15亿欧元。
Delfin's 2025 profit totalled €1.5 billion. In recent months, Leonardo Maria Del Vecchio has attempted unsuccessfully to buy out two of his siblings to help break the deadlock.
近几个月来，莱昂纳多·玛丽亚·德尔·韦基奥曾试图收购两位兄弟姐妹的股份以帮助打破僵局，但未能成功。德尔芬本身也在权衡收购部分投资者的股份。
Delfin itself is also weighing the purchase of some of its investors' stakes. Delfin is chaired by EssilorLuxottica CEO Francesco Milleri, the late Del Vecchio's closest aide, while Romolo Bardin, another longtime Del Vecchio lieutenant, serves as CEO.
德尔芬由依视路陆逊梯卡首席执行官弗朗切斯科·米莱里担任董事长，他是已故德尔·韦基奥最亲密的助手；另一位长期担任德尔·韦基奥副手的罗莫洛·巴尔丁则担任首席执行官。
Bernstein analysts said tussles over Delfin governance could distract EssilorLuxottica's management, which is battling a share price plunge.
伯恩斯坦分析师表示，围绕德尔芬治理的争斗可能会分散依视路陆逊梯卡管理层的注意力，该公司目前正应对股价暴跌。
Piling pressure on the board, Delfin shareholders in June secured the appointment of two board observers who must be invited to all board meetings and may participate in discussions, although they have no voting rights.
为董事会增添压力的是，德尔芬的股东在6月成功任命了两名董事会观察员，他们必须被邀请参加所有董事会会议，并可参与讨论，但没有投票权。
Milleri has repeatedly come under attack from Leonardo Maria Del Vecchio who has left his position at EssilorLuxottica after falling out with the CEO.
米莱里多次遭到莱昂纳多·玛丽亚·德尔·韦基奥的攻击，后者在与首席执行官闹翻后离开了自己在依视路陆逊梯卡的职位。
Before the latest legal challenge to its bylaws, Delfin shareholders previously managed to remove restrictions that stopped them from transferring their Delfin stakes into an external investment vehicle.
在最近一次对其公司章程的法律挑战之前，德尔芬的股东此前已成功取消了阻止他们将德尔芬股份转入外部投资工具的限通过这种方式，他们可以更容易地以这些股份作为抵押品来筹集资金。
In this way they could, for example, more easily raise funds using the stakes as collateral.
两名股东已将所持股份转入独立的公司实体，另外三名股东也将效仿，这些举动可能会在长期内影响德尔芬的所有权结构。
Two shareholders have already transferred their stakes into separate corporate vehicles and three others are set to follow, moves which may affect Delfin's ownership structure over the long term.