• Tue. Mar 28th, 2023

Italy’s Treasury sets up new division for state-run organizations


Mar 16, 2023

ROME, March 16 (Reuters) – Italy authorized on Thursday a decree to produce a new division at the economy ministry in charge of managing state-controlling organizations such as power groups Enel (ENEI.MI) and Eni .

Economy Minister Giancarlo Giorgetti announced the scheme in January as component of efforts to tighten the government’s grip on essential organizations dealing with some of the most delicate corporate concerns facing Italy.

“It is an significant step that goes towards rationalising the technique in line with the new financial occasions,” Giorgetti stated on Thursday.

Below the scheme, the influential Treasury division inside the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as properly as monetary regulation.

The newly developed “financial division” will have its personal director basic and will deal with the choice-generating procedure relating to state-controlled firms, public assets and public guarantees on banking loans.

It will also oversee merger offers involving organizations deemed of strategic significance.

Antonino Turicchi, the chairman of national airline ITA Airways, had been noticed as a possible candidate to lead the new structure, but some political sources have stated he is not interested in the job.

Marcello Sala, lately appointed director for investor relations at the Treasury, is believed to have been shortlisted for the position along with Paolo Ciocca, a board member of market place watchdog Consob.

The reorganisation program demands time to be implemented and the new director basic will only take workplace following the upcoming round of essential nominations at Treasury-owned groups, government sources stated.

The boards of Eni and Enel, bailed-out bank Monte dei Paschi (BMPS.MI) (MPS), defence group Leonardo (LDOF.MI) and energy grid Terna (TRN.MI) are due for renewal in the coming handful of weeks.

Rome is anticipated to make a decision on the chairperson and CEO positions of these firms by the finish of subsequent week, government sources stated.

Reporting by Giuseppe Fonte Editing by Crispian Balmer

Our Requirements: The Thomson Reuters Trust Principles.

Leave a Reply