Pirelli governance remains unchanged pending agreement renewal

The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.

Signatories of the original agreement were China National Chemical Corporation Limited, China National Tire & Rubber Corporation, Ltd., Silk Road Fund Co., Ltd., CNRC International Limited, CNRC International Holding (HK) Limited, Fourteen Sundew S.à r.l., Marco Polo International Italy S.r.l., Camfin S.p.A. and Marco Tronchetti Provera & C. S.p.A.

Seven of these entities also signed last year’s Renewal of the Shareholder Agreement, namely China National Chemical Corporation Limited, China National Tire & Rubber Corporation, Ltd, CNRC International Limited, Fourteen Sundew S.à r.l., Marco Polo International Italy S.r.l., Camfin S.p.A. and Marco Tronchetti Provera & C. S.p.A.

The renewal will take effect from the publication date of the announcement calling for the Pirelli & C. S.p.A. Shareholder’s Meeting (to approve results to 31 December 2022) that is scheduled for 29 June 2023. Italy’s government gave notice on 6 March 2023 that CNRC must notify the Presidenza del Consiglio dei Ministri (prime minister’s office) about the Renewal of the Shareholder Agreement. This notification is necessary under Italy’s Golden Power legislation, which became law on 11 May 2012.