I Chinese shareholders of Pirelli they challenged before the Tar of Lazio the measures imposed by the Golden Power Italian. China National Tire & Rubber Corporation e Marco Polo International Italy, the main vehicle through which sinochem holds the stake in the group, have filed two separate but identical appeals against the Presidency of the Council of Ministers, the Ministry of Enterprise and Made in Italy, and other competent ministries.
On the market, the news had no significant effects: the title of the Bicocca group is trading slightly up, around 0,25%, just above 6 euros.
Golden Power on Pirelli: The Governance Issue
The appeals aim at the annulment of the decree of April 10, 2026, adopted at the end of the proceedings on the exercise of the special powers of the State. The provision introduced a series of constraints on governance and on role of Chinese shareholders within the group.
In detail, the contested measures significantly reshape the internal balance of the board of directors. The representation of Chinese shareholders is in fact reduced to a maximum of three councilors out of 18, two of whom are independent, compared to a previously broader presence that also included a majority of the list and the chairmanship of the board. The measure therefore results in the loss of board leadership for the Chinese component and substantially limits management influence, prohibiting executive positions, operational delegations, and top management roles.
Le restrizioni they also extend to the participation in council committees and in supervisory board, in addition to the ban on exercising management and coordination activities. The measures will remain in force. until participation drops below the threshold of the 10% of the capital.
Strategic context and “Cyber Tyre” technology
The strategic relevance of the group's technologies, in particular the "system" is also at the heart of the provision.Cyber Tire”, considered sensitive in the context of industrial and digital security. The technology is also among the areas of growing regulatory attention at the international level, in light of new US regulations on connected vehicles that limit the use of software and hardware developed by companies with significant shareholdings attributable to Chinese entities.
Sinochem holds approximately 34,1% of Pirelli's capital, while the group's governance remains oriented towards Italian-led management.
Pirelli: No impact on the June 25th shareholders' meeting.
The company, for its part, has specified that the appeals "do not affect the regular conduct of the shareholders' meeting scheduled for next 25nd June”, convened for the renewal of the board and to approve the budgetThe governance scenario sees Camfin with approximately 27% of the capital already active in defining the list for the new board, while Marco Tronchetti Provera it is pointed towards the presidency and Andrea Casaluci towards confirmation as CEO.
Pirelli also stated that it reserves the right to intervene in the proceedings "to protect its legal and economic position, in the interests of the company and all shareholders and, where necessary, before the competent judicial authorities."
