THEPirelli shareholders meeting approved the budget 2024. The distribution of a dividend of 0,25 euros per share for a total of 250 million. But in the background the tension remains high with the Chinese partner Sinochem, Which has voted against.
At Piazza Affari, the title Pirelli contained its losses, marking a modest decline of 0,32% to 6,17 euros.
Pirelli Assembly, the clash with the Chinese: the 2024 budget passes
It was not a surprise. Sinochem's reservations about Pirelli's 2024 budget had already emerged in April at the board of directors, due to the note certifying the loss of control by the Chinese group. The real challenge, however, was played out at the shareholders' meeting, where Sinochem hoped to find consensus to block approval. But that was not the case.
According to what was communicated by Pirelli, at the meeting it has approximately 86,27% of the capital participated having the right to vote. The balance – with a consolidated net profit of 501,1 million euros and 302 million for the parent company – It was approved with 57,07% of votes in favor. 42,9% of those present voted against, "corresponding to the 37,015% share of the shareholder Mpi Italy, controlled by Sinochem", the note reads.
In a tense climate, theunanimity with which the assembly has approved the distribution of dividend from 0,25 euros per share. Payment is scheduled for June 25, 2025, with coupon detachment on the 23rd and record date on the 24th. An important signal, which shows how the clash with Sinochem was limited to the issue of control and did not call into question the economic performance of the group.
The votes relating to the remuneration and to incentives of management They received broad approval: the 2025 policy passed with 80,09% of the votes, the 2024 compensation report with 78,67%, while the 2025–2027 LTI plan was approved with 79,97% of the votes in favour.
Pirelli Governance: End of Sinochem Control Confirmed
The meeting therefore confirmed not only the budget and the soundness of the accounts, but also the line already expressed by the Board of Directors on governance. The breaking point with Sinochem was precisely the official recognition of the loss of control by the Chinese group, also in light of the provisions of the Golden Power exercised by the Italian Government to protect strategic assets.
In this context, Bloomberg yesterday he wrote that the government has decided to postpone to July 31, 2025a deadline for any administrative measures aimed at further limiting Sinochem's influence on Pirelli.
Although Beijing expressed opposition to this interpretation, referring to the accounting principles IFRS 10 and IAS 24, the board of statutory auditors of Pirelli and the other shareholders reiterated that Sinochem no longer exercises effective control over the group.
The result of the meeting, therefore, has a value that goes beyond the industrial plan: it confirms the new geography of power within Pirelli, with a structure in which the Chinese partner remains relevant but no longer dominant.
