Pirelli investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company's leading Chinese investor.
The Italian government used "golden power" legislation that protects key national assets to impose prescriptions on the proposed renewal of a governance pact between Sinochem and Camfin.of Camfin even though it has a smaller stake than Sinochem in the company, the tyre supplier for Formula One motor racing. Camfin holds a 14.1% stake while Sinochem has 37%.
As part of the measures, Camfin retained the power to designate Pirelli's CEO and set strategies, with limited power for Sinochem to influence the group's management. Twelve members of the new board were appointed from a majority slate presented by Sinochem, which included, based on the amended governance agreements, four Camfin-indicated members, including Casaluci and Tronchetti Provera.
Pirelli's investors - which also include China's state-owned Silk Road Fund, with a 9% stake, and Italian brakes maker Brembo with around 6% - approved the new board, with around 84% of the shareholding represented at the meeting voting in favour.Reporting by Giulio Piovaccari Editing by Alvise Armellini and Mark Potter
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