An Dutch bag to attract new capital Business Square or at least to stop the migration of large companies, conditioned by an excess of bureaucracy and growing costs. A strong commitment from both companies and the trade union for raise wages, both to reward the increase in productivity and to stimulate growth, the fundamental ingredient of development which is within the reach of a country which has increased its manufacturing capacity to very high levels but which is always in danger of going backwards.
Here the recipe that Gianni Tamburi, inspired by the record season of the balance sheets of the companies that revolve around the parlor of his Tip:, sees for Italy that “for at least ten years it has been walking on a thin ridge in perennial balance: with its jewels it can emerge from the new Middle Ages and relive the Renaissance. But with his chronic ballasts he risks returning to the invasions of barbarians ”.
A difference that goes from one epochal change of perspective. “In Italy – explains Tamburi – the government has always been against the corporate system”. But now? “ I really appreciated the new name given to the Ministry of Enterprise and Made in Italy. I hope that words will be followed by deeds”. It is still Frrest to judge government action Meloni “even if she proves to be good. The important thing is that you don't get distracted by seaside resorts or taxi drivers but that you follow a linear route without letting yourself be influenced too much by some ministers that I like less. But this also applied to the governments that preceded it. We'll see".
Meanwhile, a positive picture emerges from the company accounts, in line with what Tip has maintained in recent years in defiance of the various Cassandres…
“Record achievements are celebrated on the boards of our companies. The last examples concern Amplifon e Moncler: The latest data from China and beyond is so exciting that we haven't disclosed it in detail to the public. And let's not talk about Prysmian. But the most significant school case is that of Interpump which operates successfully in various sectors all over the world. Everywhere, in short, I see the plus sign”.
Is it possible to hope to transfer this climate to a more general key?
“The next game is about raising wages. I say it and I repeat it to entrepreneurs. It is necessary to transfer an increasing part of the profits to the workers. Today the gap between welfare treatments, first of all citizenship income, and those who work, is too low. But I have to say that the entrepreneurs around Tip have understood this. Now it's a question of insisting."
In short, cutting the tax wedge.
"But not only. The important thing is that the system knows how to reward productivity. The intelligence of the union is measured by the ability to link the increase in wages with that of productivity. We need a basic increase, with a fixed amount, around 100-200 euros, then the rest must come from growth. The moment is propitious: the increase in energy is returning, the alarm for the shortage of semiconductors has now been reduced. And the whole world recognizes the quality of our manufacturing: wood, plastic, clothing or mechanics. It's time to push."
If not now when, in short. But the usual problems are not lacking. Together with the competition from the strongest industrial systems. Should the State go back to being more involved in industrial policy?
“What absolutely must not be done is the re-edition of Italian-style special or sovereign funds. Dusting off the old Gepi would be a colossal mistake. If anything, we need to find the right tools”.
What kind?
“For me, the main road remains that of the Pir: tax relief for savers in exchange for long-term investments. The formula today is decline, but it can be relaunched with the right changes”.
Meanwhile, competition from BTPs is growing. With fixed income over 4 percent, what room is there for the stock market?
“Equity can give much more. It's time to review the classic ratio between stocks and bonds by cautiously increasing the latter component. I foresee a return of interest in convertible formulas”.
Meanwhile the banks, from which Tip has always kept away, dominate the scene of Piazza Affari. repented?
“Absolutely not. The important thing is to embrace a coherent line, and for us this passes through the enhancement of entrepreneurs, management and corporate strategies. Speaking of banks, I note that they have now eliminated business risks. Between Sace and Mediocrediti, various credit companies can reduce the provisions to risk funds to the full advantage of the health of the balance sheets. The secret of their profits lies in the fact that the accruals to the risk fund that are covered by the public purse are no longer necessary”.
Among his battles, the invitation to increase the size of companies has always stood out. Is it still valid or has the small is beautiful system proved to be more effective than expected?
“Increasing the size of companies remains a strategic objective. It has always been the time to do it, today it is even more so. The needs of logistics require it, the weight of the currency component for those who export - and all the rest that obliges companies to consider the problem of increasing working capital to meet the needs of growth: if I am bigger, my placing power on the market".
How do you judge the relationship between Pirelli and Brembo in this regard? Can it be a model right?
“For now, it's a smart move. Now let's see what the Chinese want to do. But what matters are mergers by incorporation”.
What can the government do about it?
“It can help with tax incentives. The nature of Italian capitalism is made up of many companies with modest capital in relation to the value of the whole. During the merger, this component can be valorised by adjusting the historic value of the capital. We will see. For now, the Ace which expired at the end of 2022 could be reactivated".
Are entrepreneurs ready for the qualitative leap?
"More than in the past. By now the second or third generations are working in the company: people who studied in America, often had important experiences before climbing the steps in their home company. Of course, there is always a component of people who are not hungry, because they have been awarded the Ferrari as their first car. But the picture inspires confidence”.
There is talk of the new industrial triangle: Lombardy, Emilia, Veneto.
“No, it also applies to Piedmont, the Marches or Puglia. It is a generational phenomenon, not a geographical one. Italy is full of companies to discover. My parents and I visit an average of ten companies a month, between old and new customers”.
The knot of the Stock Exchange remains. The prices of Piazza Affari run, but the price list falls apart. Today the Italian stock market is worth roughly 25 percent of GDP and continues to lose pieces: Luxottica, Atlantia, Cnh. Why do our companies snub the market?
“It's actually not quite like that. It is enough to see the constant influx of freshmen on the EGM market of Borsa Italiana which has now risen to 150 freshmen, testifying that the attention of companies exists. But I agree: I think the time has come to shake up the system”.
In what sense?
“Listed companies are subject to a series of obligations that are not always justified. Just go and read a listing prospectus or a capital increase to get an idea of the amount of long and costly bureaucratic procedures that absorb company energies that could be used more profitably”.
But it's not just a matter of bureaucracy.
“I believe that in terms of governance, multiple votes in the assembly and taxation on listed companies, we have a lot to learn from our EU partners. It makes no sense to continue to give value to competitors. It's time to address the issue. I have reason to think that Euronext, which owns Borsa Italiana, is in favour".
An Dutch bag, in short, waiting for a capital market of dimensions and with European rules that are the same for everyone, which is struggling to gain share. Unless a country takes the initiative demonstrating in practice that the company can finally count on a friendly government.
