The Board of Directors of Assonime, chaired by Innocenzo Cipolletta, yesterday examined the Italian economic situation, which appears to be rapidly deteriorating due to the decline in private investments and in the demand for durable goods from households - while net foreign demand seems to hold, despite the slowdown of international trade. Uncertainty about the government's economic policies, together with the slowdown in the economy, pushed up yields on government bonds and the cost of funding for banks; the effects begin to spread to the credit supply. The climate of business confidence is aggravated by budgetary policy choices, which are still unable to indicate coverage in the years to come due to the sharp increase in pension spending and basic income. Furthermore, those programs imply strong disincentives to work and we risk fueling the black economy.
The threats to the independence of the central bank – protected by the European treaties – and of the other guarantee institutions do not help the credibility of the country vis-à-vis investors.
In conclusion, the Governing Council underlined the importance of adopting economic policies that are more attentive to growth and capable of curbing the current recession – above all by unblocking major works and avoiding further interventions harmful to the economy.
The Governing Council then analyzed the growing importance of sustainability, including environmental and social sustainability, in the corporate governance of listed companies, highlighting the positive role of the self-regulatory codes of the main European countries in promoting business strategies and risk management consistent with the objectives of sustainability.
In the second part, the Governing Council heard a report by the Director General for Economic and Financial Affairs of the European Commission, Marco Buti, who illustrated the prospects for the European economy - which, despite the current slowdown, continues to expand in satisfactorily and ensures growing levels of employment.
In view of the upcoming expiry of President Innocenzo Cipolletta's mandate, the Board of Directors has appointed the Wise Men's Committee, which will be made up of the past presidents Luigi Abete, Vittorio Mincato and Maurizio Sella, which will carry out consultations to identify candidates for the presidency of the Association.
The admission among the associated companies of: BANCA INTERPROVINCIALE SpA was deliberated. Lastly, the President of Unicredit Fabrizio Saccomanni was co-opted among the members of the Board.
