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Here are the decrees that reduce the transparency of Infratel-Invitalia

2 years ago babelfish

Here are the decrees that reduce the transparency of Infratel-Invitalia

What do the passages of the decrees cited by Infratel (Invitalia) say to motivate the end of the updating of some transparency information on its site

Why does Invitalia's subsidiary Infratel have a lack of transparency?

The question of the director of Startmag , Michele Arnese, is answered in the maze of the Infratel site, an in-house company of the Ministry of Economic Development that designs, builds and maintains ultra-broadband telecommunication networks.

The issue, on 20 July 2017, of a bond loan listed on the market by Invitalia, the development agency wholly owned by the Ministry of Economy and Finance, had repercussions on the transparency of Infratel.

Infratel is an in-house company of the Ministry of Economic Development, which is part of the Invitalia group and deals with telecommunication networks.

Since that July 2017, Infratel, as a subsidiary of Invitalia, is in fact no longer subject to the Italian provisions on transparency. Some sections of the Infratel site – for example those on " Provisions " and " Activities and procedures " – are not updated and will no longer be.

Infratel on the site explains that the inapplicability to him of the provisions on transparency is provided for by art. 2 bis, paragraph 2, lett. b) of Legislative Decree 33/2013 and by art. 26 of Legislative Decree 175/2016.

WHAT THE DECREE 33/2013 SAYS

The Legislative Decree of 14 March 2013, n. 33 concerns the reorganization of the regulations regarding the right of civic access and the obligations of publicity, transparency and dissemination of information by public administrations. Transparency is spoken of as the "condition of guarantee of individual and collective freedoms, as well as civil, political and social rights, integrates the right to good administration and contributes to the creation of an open administration, at the service of the citizen".

To art. 2 bis, c. 2, lett. b, or the section cited by Infratel, we read that the transparency discipline provided for public administrations also applies, insofar as compatible, "to publicly controlled companies as defined by the legislative decree issued in implementation of article 18 of law 7 August 2015, n. 124. Listed companies are excluded as defined by the same legislative decree issued in implementation of article 18 of law no. 124 ".

WHAT THE DECREE 175/2016 SAYS

The other decree mentioned by Infratel on the site is the Legislative Decree 19 August 2016, n. 175, relating to the "establishment of companies by public administrations, as well as the purchase, maintenance and management of shareholdings by such administrations, in companies with total or partial public, direct or indirect participation".

Article 26 states that:

  1. Publicly controlled companies already established upon the entry into force of this decree shall adapt their statutes to the provisions of this decree by 31 December 2016. For the provisions of article 17, paragraph 1, the deadline for the adaptation is set at 31 December 2017.
  2. Article 4 of this decree is not applicable to the companies listed in Annex A, as well as to companies having the exclusive corporate purpose of managing European funds on behalf of the State or regions.
  3. Public administrations can in any case maintain the investments in listed companies held as at 31 December 2015.
  4. In the twelve months following its entry into force, this decree does not apply to publicly owned companies that have approved the listing of their shares on regulated markets with a provision communicated to the Court of Auditors. If within the aforementioned deadline the company concerned has submitted an application for admission to listing, this decree continues not to apply to the same company until the conclusion of the listing procedure.
  5. In the twelve months following its entry into force, this decree does not apply to publicly held companies which, by 30 June 2016, have adopted acts aimed at issuing financial instruments, other than shares, listed on regulated markets . The aforementioned acts are communicated to the Court of Auditors within sixty days from the date of entry into force of this decree. If the listing procedure has been concluded within the aforementioned twelve-month period, this decree continues not to apply to the same company. The effects of the acts aimed at the issue of financial instruments, other than shares, listed on regulated markets, adopted before the date of entry into force of this decree are in any case without prejudice, also notwithstanding Article 7.
  6. The provisions of articles 4 and 19 do not apply to publicly held companies deriving from a management trial set up pursuant to article 9-bis of legislative decree no. 502.
  7. Until the completion of the related projects, public shareholdings in companies established for the coordination and implementation of territorial pacts and area contracts for local development, pursuant to the CIPE resolution of 21 March 1997, are reserved.
  8. If, at the date of entry into force of this decree, the decree provided for by article 1, paragraph 672, of law no. 208, the decree referred to in article 11, paragraph 6 is adopted within thirty days from the aforementioned date.
  9. With the legislative decree of 23 June 2011, n. 118, the following changes are made:
    a) in article 11-quater, paragraph 1, the words: "It is defined" are replaced by the following: "For the purposes of preparing the consolidated financial statements, it is defined";
    b) in article 11-quinquies, paragraph 1, the words: "For investee company" are replaced by the following: "For the purposes of preparing the consolidated financial statements, for investee company".
  10. Publicly controlled companies comply with the provisions of article 11, paragraph 8, within six months from the date of entry into force of this decree.
  11. Without prejudice to the immediate application of the rules on extraordinary auditing referred to in Article 24, the periodic rationalization referred to in Article 20 will proceed from 2018, with reference to the situation as at 31 December 2017.
  12. In order to favor the reorganization of State shareholdings and to fully implement the provision referred to in Article 9, paragraph 1, if the proposal of the relative ministers is received by 31 October 2016, the ownership of the of the shareholdings of the other state administrations is transferred to the Ministry of Economy and Finance, also in derogation from the original legislative provision regarding the establishment of the company or the purchase of the shareholding.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/decreti-trasparenza-infratel-invitalia/ on Thu, 30 Dec 2021 07:47:12 +0000.