In the financial community Patricia Grieco, President of Assonymous and for a few more months of Monte dei Paschi after having been President of theEnel and previously Ad of Italtel before and of Olivetti then, she is known as “the lady of governance”. Not only because she was President of the Italian Committee for Corporate Governance ”but for the profound knowledge that she has of the subject and for the impartial but effective way in which she presided over large industrial and financial companies and for her appreciated presence in board of directors Ferrari, of Soul Holding and of the University Bocconi . A few days ago he informed the Board of Directors of Monte dei Paschi that he will not run again for the presidency of the bank. Because he considers his mission exhausted but also because he intends to lead a battle with Assonime that aims to change the rules of the game of Italian finance by modifying the TUF, the consolidated text of finance that 25 years ago was drawn up by the then Director General of the Treasury , Mario Draghi, and who has so far been the compass of Italian finance. The reasons for her she explains herself in this interview with FIRSTonline.
President, you declared in recent days that Assonime intends to promote a revision of the TUF, the consolidated finance text drawn up over twenty years ago by the then Director of the Treasury, Mario Draghi, and so far a pillar of all Italian financial regulation : it is a strong commitment and a partially unexpected announcement. How did you arrive at this determination? Why review the TUF and in what direction?
«In Assonime we started a wide-ranging reflection on the critical issues of the Italian capital market some time ago. Among the main causes we have also identified the weight of regulation on issuers, which has progressively grown since the first version of the TUF. Widespread political awareness of the problem is emerging: clear diagnosis in various fact-finding initiatives (OECD Report, MEF Green Book). The meritorious approach adopted by the MEF with the Green Paper (gradualism and sharing of all the components of the market and institutions) has produced very partial results. The systemic nature of the problem requires an equally systemic reform effort: global revision of the TUF (and consequently of the regulatory provisions) on the basis of a clear political direction (delegated law)».
In the presentation of the recent Assonime Report on sustainability and digital transformation in the Board of Directors, it is argued that precisely the new arrivals on these two areas make the revision of the TUF more urgent: in what sense do sustainability and digitization push for the revision of the TUF?
«The acceleration of the European legislator on sustainability issues requires a strategic reflection on the model of regulation and enforcement that will emerge. The various elements of sustainability introduced in the regulation of large companies introduce obligations of transparency and behavior which also reflect a common feeling of market operators and civil society. Delegation to the Member States entails the risk of fragmentation between the various European legal systems and, consequently, also of competitiveness between them. From this point of view, the transposition of the directive into domestic law should represent a moment of strategic reflection on the approach hitherto dedicated to these issues, which in the recent past has revealed itself to be excessively focused on formal compliance and particularly afflictive in defining the sanctioning system. We have already said it: the crisis facing the public markets, which goes hand in hand with the progressive growth of the burden of regulation on issuers, also raises the same question. Assonime can play a central role thanks to its vocation and tradition as an independent center for the elaboration of proposals for the creation of a regulatory and policy context in favor of the development of business activity. Assonime intends to promote a revision project of the TUF, with the help of academic and operational excellence, (under the wise and expert guidance of Professor Marchetti) in order to elaborate the main contents of a systematic reform to be offered in comparison with the other stakeholders (Borsa Italiana in primis) and with policy makers».
How will Assonime's campaign to advance a proposal to revise the TUF proceed and when will it start?
«In February we will entrust a large commission of experts coordinated by Professor Marchetti with the task of drafting a document that outlines the principles and contents of a systematic review of the TUF and before the summer we would like to close the draft of the document together with an analysis of the evolution of the Italian market also in comparison with the other main countries, to be presented to the Government. Moreover, Assonime has set up a group of council dedicated to the study of these issues which has been working for months on issues related to the access of European companies to the capital market".
In addition to Assonime, you are also president of Monte dei Paschi and just in recent days your declaration of unavailability for a second term at the top of the bank has caused a sensation: what are the reasons for your decision? Besides Assonime, what is in her professional future?
«The last three years as president of Monte dei Paschi have been a very intense human and professional experience for me, culminating in the success of the capital increase. My future will be dedicated with interest and dedication to the presidency of Assonime which I hold dear, as well as to my other professional commitments».
