State investments, here is the updated map of the top management expiring in 2024. Report
State holdings: 694 appointments in 2024, the highest number in recent years. All the details of the seventh edition of the report edited by the CoMar study center
The renewal of the top management of the MEF (Ministry of Economy and Finance) companies expected in the coming months will involve 694 people, for 154 corporate bodies of 122 subsidiaries. Of the 122 companies, 19 are directly controlled and 103 are indirectly controlled; of the 154 corporate bodies, 89 are boards of directors and 65 are boards of auditors; the 694 people are divided between 424 Councilors and 270 Mayors; 114 people sit in the companies directly controlled by the MEF (56 Directors and 58 Auditors) and 580 in the indirect ones (424 Directors and 270 Auditors).
These are the main results of the seventh edition of the analysis by CoMar – Study Center on the governance of all state subsidiaries, surveyed individually, from official documents: out of the 694 members of the corporate bodies leaving in the coming months, there are 226 women, equal to 32 .5% overall.
Here is the full report from the study center:
The renewal of the administrative bodies of the Mef – Ministry of Economy and Finance companies expected in the coming months will involve 694 people, for 154 corporate bodies of 122 subsidiaries. Of the 122 companies, 19 are directly controlled and 103 are indirectly controlled; of the 154 corporate bodies, 89 are boards of directors and 65 are boards of auditors; the 694 people are divided between 424 Councilors and 270 Mayors; 114 people sit in the companies directly controlled by the Mef (56 Directors and 58 Auditors) and 580 in the indirect ones (424 Directors and 270 Auditors). These are the main results of the seventh edition of the analysis by CoMar – Study Center on the governance of all state subsidiaries, surveyed individually, from official documents.
Among the direct subsidiaries of the Mef, among others, CDP – Cassa Depositi e Prestiti, Cinecittà, Eur, Ferrovie dello Stato Italiane, GSE – Gestore dei Servizi Elettrici, Invimit, Rai, STMicroelectronics are involved; among the indirect ones, through the respective Parent Companies, Banca MPS subsidiaries, CDP (Fintecna, Open Fiber), Enel, Eni (Saipem), FS (Anas), GSE-Gestore Servizi Energetici, Invitalia, Leonardo (Telespazio), Poste Italiane. The boards of directors of Infrastrutture Milano Cortina 2020-2026 and Sogei have already been renewed. It should be understood that not all members are designated by the MEF or its parent companies, as there are members who represent other members.
The CoMar survey also calculated how many Directors were appointed between 1 November 2022 and 15 April 2024, upon indication of multiple shareholders: these are 475 Members, of which 61 Chief Executive Officers, for both indirect and direct subsidiaries ; considering only the latter, the Directors identified in the same period were 117.
Among the criteria that must be followed for appointments is that of gender balance. Of the 694 members of the corporate bodies leaving in the coming months, 226 are women, equal to 32.5% overall. In percentage terms, women are more present in the companies directly controlled by the MEF (47 female directors out of 114 total directors – 41.2%) compared to indirect ones (179 female directors out of 580 total directors – 30.8%); just as they are higher in percentage terms in the Boards of Auditors (99 female Mayors out of 270 total Mayors – 36.6%) than in the BoDs (127 female Directors out of 424 total Directors – 29.9%); furthermore, in three quarters of cases, women are independent directors and often hold more than one administrative position (interlocker).
PUBLIC SHARES IN THE ITALIAN ECONOMY
The economic units participated by the public sector (Ministries, Regions, Provinces, Municipalities, Mountain Communities, Chambers of Commerce, Health Bodies) are 7,808, with 924,892 employees; the subsidiaries (ownership share greater than 50%) are 3,517, with 586 thousand employees.
The Mef exercises the by far predominant role, under all economic-financial and employment parameters (52.2% of total employees). Within the Mef perimeter, as of 15 April 2024, there are 61 companies controlled, directly (37) or, indirectly, with the Cassa Depositi e Prestiti; without considering a further 9 companies where CDP does not go beyond joint control or power of influence (Enciclopedia Treccani, F2i, Telecom Italia, Trevi, Webuild, etc.).
THE REDESIGN OF THE PERIMETER AND MISSIONS OF THE INVESTED COMPANIES
In the last five years, there has been a redefinition of the role of the "entrepreneurial state". Evidence is provided by the reorganization of the Mef, with the creation of the Department of Economy.
New companies have been created, such as DRI d'Italia, Giubileo 2025, Green.It, Holding Reti Autostradali, Infrastrutture Milano Cortina 2020-2026, ITA Airways, PSN-Polo Strategico Nazionale, Renovit; o State Motorways ( whose establishment was announced by the Council of Ministers on 9 April , with the separation of the toll sections from ANAS);
Others have seen acquisitions, even partial, such as Agile Lab, Ceramiche Dolomite, Corneliani, GPI, LIS Holding, Maticmind, Nuova Sistemi Urbani, Pernigotti, Snaidero Rino, Titagarh Firema; sometimes, through investments in companies defined as strategic, as envisaged for the spin-off of the TIM network.
Then there are those where the Mef has acquired the majority, but taking over from other public shareholders, such as Sviluppo Lavoro Italia (formerly Anpal Servizi), Acque del Sud (formerly EIPLI-Ente Irrigazione Puglia Lucania Irpinia), Società Stretto di Messina (with Anas share dropped to 36.7% following a capital increase reserved for the Ministry), Sace (from CDP, in 2022); or where, instead, it will transfer it, as for PagoPA (to IPZS and, possibly, to Poste Italiane). The rationalization also led to the incorporation of Sose – Solutions for the Economic System into Sogei at the beginning of 2024.
The Subsidiaries may also receive new tasks: according to the 2024 Budget Law, those wholly-owned will provide support to the Mef for administrative activities. Others have changed their range of activity: Arexpo, beyond the Expo Milano 2015 area, to the whole of Lombardy; Invimit, expanding to critical raw materials; Sport and Health, with new functions connected to the Pnrr.
From a strategic point of view, others, in line with their mission, are interested in projects such as RepowerEu and Piano Mattei. Again from this point of view, Law 28/2024 provides for immediate admission to extraordinary administration and the granting of financing for subsidiaries that manage plants of this importance; as already happened for Ilva. Legislative Decree 118/2023 (later transfused into Legislative Decree 104/223) also speaks of strategicity, which provides for the allocation of resources of approximately 2.5 billion euros for operations relating to companies of strategic importance.
Then there are the entities transformed into SpA, as happened with ENIT and as started with ICS – Istituto per il Credito Sportivo (and Culturale, to be renamed as such at the end of the process).
Furthermore, the disposals: Bonifiche Ferraresi, FSI Sgr, Quattro Sgr, Rocco Forte Hotels; sometimes, even partial, as for Banca MPS; or planned, as for Ita Airways (Deutsche Lufthansa) or for Poste Italiane. Still with regard to "privatizations", on 9 April the Government, presenting the Def 2024, essentially confirmed what was already foreseen with the Nadef 2023: a divestment plan to impact the debt/GDP ratio, with proceeds for a cumulative value close to 1% of GDP in the three-year period 2024-2026.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/partecipazioni-statali-ecco-la-mappa-aggiornata-dei-vertici-in-scadenza-nel-2024/ on Wed, 24 Apr 2024 07:33:50 +0000.