The Board of Directors of Pirelli has extended the expiry and restored the size of the previous council authorization regarding bond loans, the residual amount of which was equal to 200 million euros out of the 1 billion euros originally authorized on December 21, 2017. By virtue of the new authorization, Pirelli will have the right to issue – by 31 December 2019 (31 January 2019 the previous deadline) – one or more newly issued bond loans to be placed with institutional investors up to a maximum amount of 1 billion euro, a threshold which is therefore restored in line with the previous authorization.
Any issues will make it possible to promptly seize favorable market windows and will take place as part of the EMTN (Euro Medium Term Note) program for a total of 2 billion euro, adopted on 21 December 2017. To date, the bonds already issued under this program amount to a total of 800 million euro. The BoD also approved the signing of a "Schuldschein" loan with maturities of up to 7 years. This operation is intended to repay existing debt, further optimizing its structure and controlling its cost in a volatile credit market context.
Having acknowledged the resolutions of the shareholders' meeting of 15 May 2018, the BoD also assessed - on the basis of the information available and the statements made by the interested party - the existence
the independence requirements (both pursuant to Legislative Decree 58/1998 and the Code of Conduct for listed companies) of the new director Giovanni Lo Storto (also appointed member of the Control, Risk, Sustainability and Corporate Governance Committee and of the Remuneration Committee). The BoD also acknowledged - on the basis of the information available and the declarations made by the interested parties - that the Board of Statutory Auditors made up of Francesco Fallacara (Chairman), Fabio Artoni, Antonella Carù, Luca Nicodemi and Alberto Villani (Standing Auditors), Franca Brusco, Elenio Bidoggia and Giovanna Oddo (Alternate Auditors), meets the independence requirements set out in Article 148, paragraph 3, of the Consolidated Law on Finance as well as the independence requirements set out in the Corporate Governance Code for listed companies.
