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Capital Bill, Undersecretary Freni: possible changes to the board of directors’ lists

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Capital Bill, Undersecretary Freni: possible changes to the board of directors’ lists

by Gianluca Paolucci

He worked for Reuters and La Stampa covering finance, bank crashes, financial crime and corruption. Since 2022 he has been editor-in-chief of Verità & Affari and writes for La Verità and Panorama.

A timid opening of the government to the possibility of modifying the Capital Bill, at least for the part that concerns the list of the board of directors, after the recall of the number one of Generali, Philippe Donnet. The opening comes from the Undersecretary for the Economy, Federico Freni. According to him, the delegation contained in the bill “is very broad” and could allow for changes. And in any case the rules on the board of directors’ list they will not come into force “before 2025”.

According to Donnet, “the initial objective” of the Capital Bill “was, rightly, to push SMEs to list on the Italian stock exchange instead of going outside Italy. There are provisions in this bill that go in this direction. Then we’ll see if it will have this impact.” “The problem – he continued – is that during the parliamentary discussion some rules emerged which they could have the opposite effect. In particular, article 12 in my opinion could create many problems. First, you don’t understand the goal or see the expected benefit of this 12″ item.

The lists of the board of directors

“Large companies and family businesses – he noted – are different things. Italy needs grandi public company – and this is even more true in the financial sector, which is supervised – which needs very competent and very serious governance. It is the large listed financial companies that can determine the strength of an economy.” In the world of Anglo-Saxon finance and beyond, Donnet underlined, “the system that prevails the outgoing board of directors can present a list for the new board of directors and when a board of directors expires there is a very stringent candidate selection procedure: many skills are needed. This works well. We did this in 2022 for the first time at Generali and it works very well”, concluded the CEO of Leone.

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Possible changes

“I listened to Donnet’s words and the Government is always been open to market demands. The market is the essential interlocutor. The demands of the market are, have been and will always be the subject of maximum consideration”, said Freni on the possibility of reviewing article 12 of the Capital Bill.

As for the delegation that allows a modification, Freni underlines that “it is very broad. It’s a political address. Delegation could allow this. Let’s see, there’s time. Why all the rush? Article 12 does not come into force until January 1, 2025“. Freni’s words come after criticism from international finance. Very severe considerations came from Proxy advisors, companies specialized in giving voting instructions to large international funds for the meetings of listed companies.

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