Here’s how Copasir will move on Leonardo, Intesa Sanpaolo, Unicredit, Assicurazioni Generali and more

Here's how Copasir will move on Leonardo, Intesa Sanpaolo, Unicredit, Assicurazioni Generali and more

Moves and draft reports in the pipeline at Copasir (Parliamentary Committee for the Security of the Republic), on Leonardo, banks (Intesa Sanpaolo and Unicredit, first of all) and insurance companies (Generali). Facts and indiscretions

On Wednesday 28 October Copasir began discussing a proposal for a “Report on the protection of national strategic assets in the banking and insurance sectors”.

In all likelihood, the Parliamentary Committee for the security of the Republic will approve the report next week. the final

Yesterday the Committee also talked about something else.

“Copasir has decided to focus its attention on issues relating to the Leonardo company, considered a company of national strategic interest. This focus will be aimed at identifying whether and which improper or speculative actions affect this national champion ”, Raffaele Volpi (Lega), president of the Parliamentary Committee for the security of the Republic, announced in a note.

Regarding Leonardo's top management, there is a diversity of views in the government majority (critical voices of M5S unlike the Democratic Party) , after the first instance conviction of Alessandro Profumo, now Leonardo's number one and in the past president of Mps, for a story of the past of Monte dei Paschi di Siena.

On October 20, Leonardo's board of directors excluded – it is written in a note from the group chaired by Luciano Carta – "limitations of company operations" in the US and Great Britain in particular ( as feared by the Bluebell fund ) from the first degree sentence borne by the CEO, Alessandro Profumo, on the Banca Monte Paschi di Siena case, of which he had been chairman until 2015.

“From the exposition of the analysis – reads the Leonardo press release – which also took into consideration the different reference markets of the Group, a picture emerged that does not involve specific limitations on company operations. The Governance Committee was entrusted with the task of monitoring and investigating any potential evolution of the affair, keeping the Board informed ”.

In defense of Profumo, the magazine Formiche by Paolo Messa, top manager of the Leonardo group, lined up, about to go to the United States in the unpublished role of Leonardo's ambassador to the USA, "at the top of Leonardo Us" – as written months ago by Gianni Dragoni of Sole 24 Ore – even if at the moment the position and position have not been indicated and Mass is still in Rome: "Given that there are no legal reasons for forfeiture of the office, there are reasons of opportunity that push in the opposite direction – he commented the Mass magazine – Leonardo in fact goes through a delicate and decisive phase of transformation. The 2030 strategic plan and the designed (and approved) innovation path indicate an ambitious course whose outcome is not automatic. The pandemic had an absolutely dramatic effect for the entire industrial sector, almost fatal for civil aeronautics. At this stage, more than ever, if there is a national interest, it is to support the Italian economy and its champions. It is therefore right to respect the sentences without arguing with the judicial system, but to imagine that the destinies of a player of Leonardo's size can enter the debate of the parties as if it were something to be measured in congresses or majority disputes does not appear in harmony with a country that he experiences weeks of suffering and fear for the future, including employment. Respect for the judiciary and the primacy of politics are two cornerstones of our culture, but they are together if there is the mastic of the national interest. For the leadership of a company, perhaps the principle that “one is worth one” may apply, but woe to think that “one is worth the other” ”.

Meanwhile, yesterday, as mentioned, Copasir began discussing the "Report on the protection of national strategic assets in the banking and insurance sectors".

At the top of the thoughts of the Parliamentary Committee for the security of the Republic is the protection of the Italian identity of banking giants such as Intesa Sanpaolo and insurance companies such as Generali, but the scenario of changes in shares or corporate structures of Unicredit is scrutinized with concern.

In some reports that will be the basis of the Copasir report, there are some hopes that will be contained – according to the rumors collected by Start Magazine – for the executive.

For example, it would be desirable to put a hand to the discipline of golden power by specifying the distinction between foreign direct investments and portfolio investments: the EU Regulation applies to the former, which can be integrated by the Member States; on the latter the State can act with greater freedom.

Furthermore, it would be advisable to eliminate the reference to sectors, which would stiffen the power of intervention, trying instead to specify and delimit strategic assets, activities and assets, which as instrumental are by definition intersectoral, as well as critical infrastructures and technologies. the criteria for security in procurement.

Finally, it would be suggested to strengthen the rules on transparency, which facilitate the government's assessment of the need to protect security and public order and strengthen the decision in the perspective of judicial review.

It will be like this? We will see the final and official report, scheduled – barring unforeseen events – for next week.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/leonardo-intesa-sanpaolo-unicredit-generali-e-non-solo-cosa-fara-il-copasir/ on Thu, 29 Oct 2020 16:20:53 +0000.