The Golden Power committee hears Tronchetti for Pirelli-Chinese relations
Double hearing to the committee Golden Power on the subject of relations between Pirelli and the Chinese shareholder, Sinochem. Marco Tronchetti Provera, representing Camfin, and some Bicocca managers were heard today. Confirmations of the scenario that emerged in the hearings would have arrived today past days. That is, of an activism of the representatives of the Chinese partner that would have gone beyond i stipulated agreements in 2015, revised in 2019 and most recently this year. Own this last deal it had been under consideration by the Golden Power committee for at least two months, at the time of its renewal.
The tensions in the board and the agreements on the CEO
In particular, the passage of the agreement on the designation of theCEO. In the 2019 agreement, the indication of the CEO fell to Tronchetti. What happened with the indication of George Bruno. In the current text it is envisaged that in the event of Bruno’s unavailability, Tronchetti is responsible for suggesting a new CEO but this suggestion can be accepted or not by the board. At that point, the manager would in fact be chosen by the Chinese, which they have 9 reps in council out of 15. With 3 representatives for Camfin and 3 for minorities.
No nominations for the assembly
In the meantime, Pirelli communicated that no candidatures were presented for the renewal of the board of directors in view of the shareholders’ meeting June 29th. A step taken for granted: the assembly will in fact have to pronounce on the postponement of the appointments of the board pending the conclusion of the procedure on the Golden Power. A new assembly is expected within the next July 31st.
The rumors about the Chinese quota
However, the change affects the story international scenario, with growing American attention to Beijing’s moves. In reality, rumors have been chasing each other on the market for some time about the disaffection of the Chinese partner towards the investment in Bicocca. In October 2017 Pirelli returned to the Stock Exchange a 6,5 euro for action. It’s valid today 4,54 euro. For this reason, surveys were launched by the Chinese side with other large producers in the sector to sell the quota. Among these, the sources consulted mention the Koreans of Kumho e Hankook. Two subjects who would avoid Bicocca embarrassments not only with the Italian government but also with Italy’s western partners, Americans in primis. However, Sinochem has also recently reiterated that he is a “long-term” partner in Pirelli.