ROME (Reuters) - The Italian government will face off with wayward investors at Enel's shareholders' meeting today in a vote on who should lead the country's largest listed company and champion of sustainable energy.

At the center of the dispute is the influence the Treasury wields over strategic state-owned investee companies, which it controls along with increasingly openly active institutional investors.

Covalis has called for more democracy among shareholders, arguing that the Treasury should not be able to dictate the choices of a publicly traded company.

Enel, which is also one of the largest utilities in Europe, has sought to position itself as a leader in renewable energy development. After its debt increased, it decided to concentrate operations in six countries, including Italy, Spain and the United States.

The outcome of today's vote is difficult to predict, and the shareholder meeting, which is scheduled to begin at 2 p.m., could extend into the evening.

The remaining three seats on the board are likely to be split between Covalis and Assogestioni.

The choice of chairman promises to be a hard-fought one and will be a direct clash between Treasury candidate Paolo Scaroni, former CEO of Enel and Eni and current president of Milan, and Covalis candidate Marco Mazzucchelli.

Covalis argues that Enel needs an independent figure, such as former banker Mazzucchelli, to oversee its activities and may seek to reopen the choice of CEO if his candidate for president is successful.

(Translated by Chiara Scarciglia, editing Stefano Bernabei)