Mon. Mar 27th, 2023

ROME, March 16 (Reuters) – Italy authorized on Thursday a decree to generate a new division at the economy ministry in charge of managing state-controlling organizations 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 important organizations dealing with some of the most delicate corporate problems facing Italy.

“It is an critical step that goes towards rationalising the technique in line with the new financial occasions,” Giorgetti mentioned 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 properly as economic regulation.

The newly produced “financial division” will have its personal director basic and will deal with the selection-generating procedure concerning state-controlled firms, public assets and public guarantees on banking loans.

It will also oversee merger offers involving organizations deemed of strategic significance.

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

Marcello Sala, lately 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 strategy needs time to be implemented and the new director basic will only take workplace just after the upcoming round of important nominations at Treasury-owned groups, government sources mentioned.

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 couple of weeks.

Rome is anticipated to determine on the chairperson and CEO positions of these firms by the finish of subsequent week, government sources mentioned.

Reporting by Giuseppe Fonte Editing by Crispian Balmer

Our Requirements: The Thomson Reuters Trust Principles.

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