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

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

Economy Minister Giancarlo Giorgetti announced the scheme in January as portion of efforts to tighten the government’s grip on crucial providers dealing with some of the most delicate corporate difficulties facing Italy.

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

Beneath 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 effectively as monetary regulation.

The newly developed “financial division” will have its personal director common and will deal with the selection-creating approach concerning state-controlled firms, public assets and public guarantees on banking loans.

It will also oversee merger offers involving providers deemed of strategic value.

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

Marcello Sala, not too long ago 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 calls for time to be implemented and the new director common will only take workplace immediately after the upcoming round of crucial 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 determine 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.

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