Pirelli is no longer « Chinese control », the vote in the board of directors and the opposite Chinese councilors and the Chinese councilors

« Sinochem control has failed, » on Pirelli. The Board of Directors approved it, « Pursuant to the IFRS 10 accounting principle, with a majority vote ». The Bicocca Board of Directors therefore approved the balance on 31 December 2024 with the favorable vote of 9 out of 15 directors. They voted against President Jiao Jian and councilors Chen Aihua, Zhang Haitao, Chen Qian, Fan Xiaohua, while Tang Grace abstained.
The decision On the absence of the control by Sinochem on Pirelli is relevant because «It represents a first step, but not decisive, in the path of necessary adaptation of the governance corporate to regulatory constraints in the USA », explains Pirelli.
The Bicocca house confirms the targets announced previously and also communicates that it has already defined a mitigation plan of the impact of the US duties, if the measures currently announced by the White House entered into force, with the aim of guaranteeing the financial objectives of the generation of cash in the lower part of the Guidance. Specifically, it is a strategy that provides for the revision of commercial policy, that is, the retouching of price lists; the review of the production flows, or to diversify the arrival of the pieces in the United States; of the cost cutting and finally the increase in production capacity, which could translate into a productive enlargement of the factory in Georgia or a new factory.

The reaction of the Chinese

Marco Polo International Italy, to which the Chinese shareholder belongs, Sinochem « expresses deep disappointment and firm opposition regarding the evaluation of the expressed control » by Pirelli. The Golden Power « does not include any provision that without MPI of the control over Pirelli, on the contrary, presupposes it » and « among other things MPI continues to hold a relevant percentage for the exercise of a dominant influence in the ordinary assembly and therefore to have the control of Pirelli, while not exercising in implementation of the Golden Power decree of management and coordination ». « As a shareholder responsible for Pirelli, we have always strictly respected the Italian and foreign laws, and we will continue to do so, » the note points out.

The importance of the intelligent tire (and the USA)

The theme of the Chinese presence still remains topical, in fact the marketing of tires Equipped with hardware and software systems can still run into the stringent jerseys of the new US regulations. In mid -March the Trump government had in fact fired the rule on « Connected Vehicle » which prohibits the sale of hardware and software from Chinese companies, including Pirelli’s Cyber ​​Tyre.
The American one is « a key market in the High Value tire segment and the development and diffusion of Cyber ​​Tyre technology. Management – continues the note – has therefore reiterated that it will continue in dialogue with the main members to align Pirelli’s governance to American regulations, in particular that linked to connected vehicles, in the interest of society and all its stakeholders « .

The Golden Power and the weight of the Chinese in the group

Pirelli’s financial report, upon proposed by the CEO Andrea Casaluci, contains the information according to which, « following the issue of the decree of the Presidency of the Council of Ministers Golden Power, the control of Marco Polo Italy (and, for the effect, of Sinochem) on Pirelli pursuant to IFRS 10. At the same time Pirelli did not appear, pursuant to the aforementioned accounting, subject to the control of any subject », explains a note.
The verification of the existence of the control for the Sinochem group through Marco Polo Italy had been raised by the board of statutory auditors and management after the Golden Power (from 2023) And the theme, recalls Pirelli, was deepened with the help of revision and law firms. Consob also « had postponed an evaluation to the board of directors ». The councilors who voted against or abstained « motivated their dissent only by reason of the declaration of cessation of the control of Sinochem on Pirelli pursuant to IFRS 10, not sharing the relative reasons also in consideration of the fact that the parasocial pact between Camfin and CNRC/MPI Italy is still in force and that therefore, in their opinion, CNRC/MPI it maintains the control over Pirelli Pursuant to Article 93 of the TUF « .

The accounts of Pirelli and the dividend for the members

Pirelli’s 2024 exercise, whose non -audited and preliminary results were already
were communicated to the market on February 26, closed with a profit
consolidated net of 501.1 million euros, up 1% compared to
495.9 million euros of the year 2023, and revenues of 1.9% a
6,773.3 million euros. The Board of Directors will propose to the shareholders’ meeting the distribution of a dividend per share of 0.25 euros for a total of 250 million euros