It starts the reform of the investees desired by the Renzi government. State-owned companies will be led by a sole director while local and national boards could be dismantled.
This is the result that could arrive within a year after the approval by the Council of Ministers of the specific implementing decree scheduled for January 15th together with a package of about ten decrees concerning the Public Administration. As announced months ago by the Prime Minister Matteo Renzi, the main objective is to reduce the number of state-owned companies from 8 thousand to a thousand, but at the same time the executive aims to revolutionize the boards of directors and reduce the salaries of managers.
Going into detail, the implementing decree will concern the 7.767 currently active subsidiaries, including those in the portfolio of central administrations and the 29 subsidiaries of the Ministry of Economy. Of these, only two-thirds have balance sheets in profit or in balance, all the others show losses that weigh like boulders.
They will remain andlisted companies are excluded from the reform, but also Enav, Ferrovie and Rai. As reported by Repubblica, the text provides for the possibility for Palazzo Chigi to exclude individual companies from the new rules.
But there's more, because the 26 articles that make up the implementing decree that will arrive on the table of the CDM in 11 days provide for many other innovations, including, the ex officio elimination from the register of companies of the subsidiaries which "for over three consecutive years» have not filed financial statements or performed management acts. The others will instead be monitored annually. As the Roman daily points out, if they fail to pass the checks, they will be subjected to rationalization, merger or suppression plans.
The investees most at risk are those that do not fall within the sectors listed in article 4, namely: production of a service of general interest or planning and construction of a public work, however instrumental to the reference entity (at least 80% of the activities must be of this type, by statute).
Speaking of managers, the Government intends to implement a squeeze on salaries which will be subject to new ceilings, established through a special dpcm and proportionate to the professional qualification and work performed. The variable part of the remuneration will be proportionate to the budget achieved by the company and therefore may not be paid if the financial year ends in the red. A 30% salary cut is expected for local administrators if the investee has been in the red for three years. Finally, the managers will be subject to civil liability actions and will be liable for tax damages. The management of all state investments in the portfolio of ministries will pass into the hands of the MEF.
