The risk of compromise opens up. The new government will have to choose the top management of Eni, Enel, Leonardo and Poste

The last important public appointment made by the ex-government Mario Draghi was that of Bernardo Mattarella as CEO of Invitalia in place of Domenico Arcuri, loved by Giuseppe Conte. But if a center-right government leaves the polls, or rather, the “risk” of nominations to the top of companies where the State is a shareholder, I will be one of the major issues for the attention of economic and political operators. In fact, there are 46 governing bodies, of which 91 boards of directors and 55 supervisory boards, in 107 companies of the Ministry of Economy and Finance, which have expired and will be renewed with the annual meetings scheduled for the coming months (few of which have already taken place) ; composed of 639 people, including 399 directors and 240 auditors. Of the total of 639 expiring, 72 are in 15 companies directly controlled by Mef (22 directors and 50 auditors), while 567 are in 92 indirect subsidiaries (377 directors and 190 auditors), through their parent companies Amco, Banca Mps, Cassa Depositi and Prestiti, Enav, Enel, Eni, Eur, Ferrovie dello Stato Italiane, Invitalia, Istituto Poligrafico Zecca dello Stato, Leonardo, Poste Italiane, Rai, Sace, Sport and Salute and STMicroelectronics.

The most important departures are obviously those from the seats on the upper floors of the great public giants, Enel, Eni, Leonardo and Poste Italiane, whose top management will expire with the approval of the 2022 budget and which, therefore, will be subject to renewal with the assembly. of shareholders next spring. What does the stock market say about the groups led since May 2020, when the four CEOs were all reconfirmed, to date? Enel shares lost 18%, Eni shares rose 28%, Leonardo jumped 85% and Poste Italiane rose 10%.

In addition to the stock market, the person who least risks a change of government, according to many observers, is Claudio Descalzi: Eni’s number one, by the way, has already reached the third term given to him two years ago, but could, given the good results of the group of which he is a managing director and on the final exit from the judicial process, he obtains a fourth position. Equally well placed with a new center-right executive seems to be Matteo Del Fante, who has on his side having given the Poste Italiane, of which he is CEO, an acceleration for new businesses with a good participation accompanied by rich dividends for shareholders, Mef in the lead. The reconfirmation of Alessandro Profumo as head of Leonardo’s company is not so certain. In fact, if his professional qualities are not in question (and the stock market has valued them), the top leader has always shown an ideological proximity to the Democratic Party and then is weakened by the first instance sentence of six years for false accounting and stock manipulation. imposed on him in his capacity as former administrative director of Monte dei Paschi di Siena. A centre-right government, on the other hand, would track Francesco Starace’s quotes and secure another term for the CEO of Enel, who ended up in Draghi’s crosshairs for some of his ambiguous choices towards Russia after the outbreak of war. with Italy, Ukraine and the start of sanctions.

The nomination game is not just politically relevant. In fact, considering only the 33 industrial and service companies controlled by the MEF, the aggregate had, according to the latest available financial statements, a turnover of 193.5 billion euros and 461,394 employees. Of these industrial and service companies, 12 are listed on the Stock Exchange (ENAV, Enel, Eni, Fincantieri, Leonardo, Italgas, Poste Italiane, Rai Way, Saipem, Snam, STMicroelectronics, Terna), for a capitalization that at the end of December 2021 was 178 billion euros, 23.16% of the total value; almost 10 billion up from 168.4 billion at the end of December 2020. For these 12, there are 2 companies that have listed financial instruments (Ferrovie dello Stato Italiane and Rai). As sectors of intervention, the presence of the State is mainly expressed in energy, which absorbs more than 72% of turnover, followed by mechanics (14.3%) and transport and telecommunications (10.2%), with shares marginal in ICT, in the edition -entertainment-sport, in services to the AP, in the environment-territory.

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