Italy to allow AGM delays, freezing state-owned firm appointments -source

Envair Electrodyne

13/03/2020 10:19

ROME, March 13 (Reuters) - Italy is set to approve a measure
allowing companies to postpone their annual general meetings due
to the coronavirus emergency, in a move that delays appointments
at strategic state-controlled firms, a government source told
Reuters on Friday.
    An emergency decree is expected to allow companies to
postpone their AGMs by three months, said the source, who asked
not to be named because of the sensitivity of the matter.
    The boards of directors of state-owned groups such as oil
giant Eni  ENI.MI , utility Enel  ENEI.MI , defence group
Leonardo  LDO.F  and bank Monte dei Paschi di Siena  BMPS.MI 
come up for renewal in the spring.   urn:newsml:reuters.com:*:nL8N2AH49Q
    The Treasury was due to decide in March on the new
appointments, but the decision will now be delayed.    
    The person said the move was motivated by the need to
concentrate on fighting Europe's worst coronavirus crisis.
    However, disagreements within the ruling coalition on whom
to appoint on the boards of state-owned companies have also
played a role, the source said.    
    The Treasury owns 4.34% of Eni and has another 25.76% via
state lender CDP. It has controlling stakes in Enel, Leonardo,
post office operator Poste Italiane  PST.MI  and owns 68% of
bailed-out Monte dei Paschi.

 (Reporting by Giuseppe Fonte, editing by Valentina Za and
Alexander Smith)
 ((giuseppe.fonte@thomsonreuters.com; +390685224393;))