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Ilva, Invimit, Rai, Ferrovie, Sace and more. Here are the appointments that are (or aren’t) at stake

3 years ago babelfish

Ilva, Invimit, Rai, Ferrovie, Sace and more. Here are the appointments that are (or aren't) at stake

115 corporate bodies, of which 74 boards of directors and 41 boards of auditors, in 90 companies of the Ministry of Economy, have expired and will be renewed with the meetings scheduled for the next few months. Facts and numbers of the report of the Comar study center and the indiscretions of Start

Palaces – and newspapers – in fibrillation over the appointments to the top of the companies controlled or participated by the state.

These days the topic is also popular in the newspapers.

In the foreground the future of the former Ilva after the entry of Invitalia (100% of the Ministry of Economy).

Invitalia has in fact subscribed the capital increase of 400 million euros of AMInvestCo Italy obtaining a stake in the share capital equal to 38% and voting rights equal to 50% in the company that will be renamed Acciaierie d'Italia Holding (and its main operating subsidiary ArcelorMittal Italia will become Acciaierie d'Italia).

Tomorrow the board of directors is scheduled for the entry of the members indicated by the new shareholder Invitalia: Franco Bernabè (already at the top of Eni and Telecom, among other things, will be president (now we understand perhaps the real reasons for his resignation from the presidency of Cellnex), Stefano Cao (who was replaced as CEO of Saipem by Francesco Caio) and Ernesto Somma (liberal economist, former economic advisor to the former Minister of Regional Affairs, Raffaele Fitto, and now general manager of Invitalia led by Domenico Arcuri ). Today, in place of Somma, the name of Carlo Mapelli , professor at the Politecnico di Milano is also mentioned. Lucia Morselli is destined to remain CEO at first. The assembly must appoint six directors, three of which are Arcelor Mittal Italy and 3 in government share.

But according to some technical sources – Il Sole 24 Ore wrote today – there could be further news: "We would be considering also anticipating the terms of phase 2, which provides for the passage of the State, through Invitalia, in the majority with 60% of the capital. This would be a transition that could take place already in the coming months and no longer in May 2022 as currently planned. However, this hypothesis is not easy to implement and is currently not confirmed by government sources ".

The indiscretion of the newspaper Repubblica also made noise according to which the Ministry of Economy – perhaps even on the occasion of the transfer of control of Sace from the Cdp group to the Treasury – would prepare to replace the current top management of the company for the insurance of Italian exports – also playing a key role in guaranteeing bank loans as envisaged by the Cura Italia decree – which now see Rodolfo Error as president and Pierfrancesco Latini as CEO.

The newspaper of the Gedi group in recent days wrote that "according to unofficial information, in place of President Rodolfo Error, indicated two years ago in the Pd quota, Filippo Giansante, general manager of the Treasury who leads the development management of the public heritage. He joined the board of directors of Sace in 2019 (for the second time) as a director, before he worked for the EBRD (European Bank for Reconstruction and Development) and the World Bank. In place of the CEO Pierfrancesco Latini, who came from Cdp (where from 2016 to 2019 he was head of risks: and where he should return, still being "in detachment"), the candidate to beat is Alessandra Ricci. A fifty-year-old manager from Rome, after 10 years at Mediocredito Centrale in 2005 he moved to Sace, where he contributed to the relaunch and development of the company to pass, in the three-year period 2017-2020, to the helm of Simest, the subsidiary for subsidized loans for the Farnesina , and to return to Sace last year where he leads the Italian guarantee program ".

The rumors, however, are not confirmed in government circles: the top management of Sace expires with the meeting to be held next year and at the moment there is no air of anticipated changes.

But how many public companies are there waiting for new top management?

This is what emerges from the fourth edition of the analysis of the CoMar Study Center on the governance of all the investee companies of the State.

115 corporate bodies, of which 74 boards of directors and 41 boards of auditors, in 90 companies of the Ministry of Economy and Finance, have expired and will be renewed with the Annual General Meeting scheduled for the next few months; they are currently made up of 518 people, of whom 342 are directors and 176 statutory auditors.

Of these 90 companies, 15 are directly controlled, including: Cassa Depositi e Prestiti, Eur, Ferrovie dello Stato, Gse – Gestore dei Servizi Energetici, Invimit, Rai, Sogei; and also Banca MPS or Leonardo for the Boards of Statutory Auditors. The total offices to be assigned are 91. These direct subsidiaries express, overall, a turnover of 69.8 billion euros, with 193,367 employees; without considering the 448.7 billion euro of assets and 36.1 of net equity of CDP alone. 75, on the other hand, are the indirectly controlled companies, through Enel, Eni, Ferrovie (with Anas), Invitalia, Poste Italiane, among the main ones; here, the planned appointments are 427.

Among the criteria that must be followed there is that of gender balance, on which CoMar has made a specific focus. Of the 518 outgoing members, 162 were women, equal to 31.3%. Women are more present in the direct subsidiaries of the MEF (30 women Directors out of 91 total Directors – 33%) compared to indirect ones (132 Directors out of 427 total Directors – 30.9%) and in the Boards of Statutory Auditors (63 women Statutory Auditors out of 176 total Statutory Auditors – 35.8%) compared to the Board of Directors (99 women Directors out of 342 total Directors – 28.9%).

The public sector (state, regions, local authorities, etc.) still has a significant presence in the economy, with 6,130 active companies. However, it is the 40 state-controlled companies that occupy most of this perimeter. CoMar has calculated that, considering only the 32 industrial and service companies (excluding, therefore, banks and insurance companies), the total turnover exceeds 241.4 billion euros, profits are over 26.8 billion euros, with 471,284 employees; of these, 12 are listed on the Stock Exchange (ENAV, Enel, Eni, Fincantieri, Leonardo, Italgas, Poste Italiane, Rai Way, Saipem, Snam, STMicroelectronics, Terna), for a capitalization that at the end of February 2021 was 167.3 billion euro, 26.3% of the total value; and 2 companies have listed financial instruments (Ferrovie dello Stato and Rai).

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ilva-invimit-rai-ferrovie-sace-e-non-solo-ecco-le-nomine-che-sono-o-non-sono-in-ballo/ on Thu, 15 Apr 2021 07:03:50 +0000.