The six resigning directors of Ita Airways took pen and paper and wrote to the new Minister of Economy and Finance, Giancarlo Giorgetti, asking him to formalize their resignation from the board of the newco. The Mef is the sole shareholder of Ita.
The clash with Altavilla
In contrast to President Alfredo Altavilla, last March they submitted their resignations to the Draghi government but they were never accepted. The clash with Altavilla reached its apex in recent weeks when in two sessions of the Ita board of directors the six directors, all members of the Mef, voted to cancel all the operational powers of the president, including that on the privatization of the company.
The letter
In the letter, Lelio Fornabaio, Alessandra Fratini, Simonetta Giordani, Cristina Girelli, Silvio Martuccelli and Angelo Piazza write that “on 29 March they resigned from their position, due to the serious difficulties and tensions that arose in the area of governance company, which made it difficult to carry out the same office in a serene way “. But “having not been replaced, they remained in office, continuing in any case with the utmost sense of responsibility and commitment in the effort to protect the interests of the Company and of the Shareholder” ie the Mef. But now “they consider it indispensable and urgent that the member himself proceed to accept his resignation, and to replace him”.
Word to Giorgetti, on November 8th shareholders’ meeting
The ball then passes to Giorgetti. Next November 8th the Ita shareholders’ meeting is scheduled, and on the agenda there would be the change of the company’s bylaws for the revision of the minimum number of directors, which would go from seven to five to start aligning the board of directors towards privatization, which in fact provides for a council of five. In the same assembly, the revocation of the office of president in Altavilla would also be on the agenda. The Mef will then proceed with the 400 million capital increase of the company, this is the second tranche of the total financing of 1.35 billion euros already authorized by the EU.