Pirelli grappling with the new governance that will be effective after the long-awaited listing on the Stock Exchange, scheduled for next autumn.
With the start of negotiations on Piazza Affari, the company led by Tronchetti Provera will no longer be "subject to any of the activities in which the management and coordination activity is typically substantiated by the controlling shareholders, direct and indirect or of another company or entity, without prejudice to the right of China National Tire & Rubber Corporation Ltd. (“CNRC”) to consolidate Pirelli”. This is what can be read in the note issued by the company in which it is also specified that the board of directors has acknowledged the cessation of the management and coordination activity by Marco Polo International Italy (controlling shareholder) with the listing.
The new post-listing governance governed by the shareholders' agreement signed at the end of July (between ChemChina, Cnrc, Silk Road Fund, Camfin, Lti and Marco Tronchetti Provera&C) confirms the central role of Marco Tronchetti Provera. The current vice president and CEO will have a fundamental role "in directing the top management and in guaranteeing continuity in the corporate culture of Pirelli, also through a key role in the designation of his successor in 2020".
During the first board of directors of Pirelli after listing on the Stock Exchange, the number of directors, currently 14 of which 7 are independent, will rise to 15 with a new independent director who will be appointed by the minority shareholders. The new board will therefore have a majority of independents.
Finally, Pirelli specifies that "the board of directors - which will remain in office for three financial years starting from 31 August 2017, and therefore until the Shareholders' Meeting called to approve the financial statements as at 31 December 2019 - is composed as follows: Ren Jianxin , Marco Tronchetti Provera, Yang Xingqiang, Bai Xinping, Giorgio Luca Bruno, Ze'ev Goldberg, Giovanni Tronchetti Provera, and by the independent directors Laura Cioli, Domenico De Sole, Fan Xiaohua, Marisa Pappalardo, Cristina Scocchia, Tao Haisu, Wei Yintao. Confirmed as chairman Ren Jianxin.
