Il Government raise the shield Golden Power su Pirelli, thus limiting the reach of Sinochem-Chemchina's Chinese partners. Giorgia Meloni's Executive has in fact decided to use i special powers "by equipping the Italian group with a series of tools for the protection of the strategic asset, including a strategic industrial security clearance which provides for limits on the accessibility of information". Palazzo Chigi makes it known. “The Government's decision – explains one note -, in compliance with the principle of proportionality, provides specific provisions for the protection of the strategic asset constituted by Cyber sensors implantable in tyres”. So no vetoes but a series of very stringent stakes aimed at limiting the influence of Sinochem which owns 37% of the high-end tire manufacturer.
What does the Golden Power predict for Pirelli?
The Government note speaks of "cyber sensors that can be implanted in tyres". What is it about? “These sensors are able to collect vehicle data concerning, among other things, road conditions, geolocation and the state of the infrastructures. The information collected in this way can be transmitted to cloud processing systems and super computers for the creation, through artificial intelligence, of complex digital models that can be used in cutting-edge systems such as smart cities and digital twins". According to Palazzo Chigi, “the relevance of this Cyber technology can be identified in a plurality of sectors: industrial automation, machine to machine communication, machine learning, advanced manufacturing, artificial intelligence, critical technologies for sensors and actuators, Big Data and Analitycs. For these sectors, Cyber is configured as critical technology of national strategic importance”, continues the government which warns that “the improper use of this technology can lead to considerable risks not only for the confidentiality of user data, but also for the possible transfer of security-relevant information”.
What changes for Pirelli?
“The government's prescriptions are intended to create a network of measures that protect: the independence of Pirelli & C.spa and its management; the safety of procedures; the protection of information of strategic importance; the know-how possessed by the company”, continues Palazzo Chigi. With the Golden Power, the Government wants to provide Pirelli with a series of tools for the protection of the strategic asset, "among which a strategic industrial security clearance which provides for limits on the accessibility of information".
The provisions concerning the strategic sectors in which the company operates are very stringent regarding the decisions of the board. The tire company “will also set up an autonomous organizational unit for safety. For some strategic decisions of the Board it will take a vote of at least 4/5 of the board of directors”. So the pact that came into force on May 19 remains standing, but with some modifications. Basically, the qualified majority in these matters requires the consent of 12 out of 15 directors: therefore the Chinese must find the consent of the CEO and at least three others to act. "The implementation of the prescriptions will be monitored by the competent ministry", concludes the government.
In the end, Giorgia Meloni's government chose a "softer" path. On the other hand, one rift with the Chinese partner it risks compromising its presence in a market, the Chinese one, which promises to be the most dynamic for tyres.
