Golden Power: Pirelli plans to postpone Board nomination

The Board of Directors of Pirelli & C. SpA has received an update from shareholder China National Tire & Rubber Co., Ltd (CNRC) regarding the Golden Power Procedure that Italy’s government launched in response to the renewal of a Pirelli shareholder agreement signed in May 2022. This agreement is scheduled to take effect upon publication of the call for a shareholder meeting on 29 June 2023, however, CNRC informed the Board of Directors that the final provision of the Golden Power Procedure may be issued after the deadline for presenting lists for the next Board of Directors renewal.

Considering this information, the Board of Directors has proposed to postpone the nomination of the Board and other agenda items until the Golden Power Procedure is concluded. Pirelli says the Board has based this decision on “respect for the principals and best practices of corporate governance.” If approved, the current members of the Board, including those co-opted following the last shareholders’ meeting, will remain in office until a subsequent meeting. Pirelli anticipates that this meeting will be called by 31 July 2023.