Presented the "Pirelli & C. Shareholder's Guide"
- Pirelli & C. S.P.A. Presents Its Shareholders'Guide Today At The Headquarters Of Borsa Italiana
- Tronchetti Provera: " This Country Needs Companies With Clear Rules, Efficient Controls, And Transparent Corporate Governance Systems That Bolster Their Credibility And Competitiveness
Milan , 28 April 2004 - Pirelli & C. S.p.A. presented its Shareholders' Guide this morning at Palazzo Mezzanotte. Participating along with Pirelli Chairman Marco Tronchetti Provera were numerous prominent leaders of the economic and financial community: Massimo Capuano , managing director of Borsa Italiana and President of the Federation of European Stock Exchanges (FESE); Guido Cammarano , President of Assogestioni, the Wealth Management Association; Marco Onado , professor at Bocconi University of Milan; and Franco Carlo Papa , President of the Italian Association of Financial Analysts (AIAF).
"Our group has undergone a profound process of transformation in the past 12 months. A year ago, Pirelli & C. was still an S.A.p.A. or joint-stock partnership" its chairman recalled, "the last of its species listed on the Italian Stock Exchange. Today it is a modern, transparent, competitive S.p.A. or joint-stock company. But we have remained faithful to the heritage of ethical values and the tradition of professional reliability that Pirelli & C. has represented around the globe for more than 130 years ."
The Pirelli Group, which has industrial activities in 25 countries, managing 80 manufacturing plants with 36,300 employees, had adopted one of the most advanced systems of corporate governance. In fact, Pirelli has been classified in 2004 by the Financial Times as 37th among the 50 world companies with the best corporate governance, the first Italian company so recognized.
Pirelli & C. S.p.A. has a broad shareholder base. More specifically, according to recent estimates, the ownership of Pirelli & C. S.p.A. is composed of: 52 percent core investors (42 percent of the ordinary capital is assigned to the Pirelli & C. S.p.A. Syndicate); 15 percent Italian and foreign institutional investors; 23 percent Italian retail investors; and the remaining 10 percent other investors.
The Pirelli & C. Shareholders' Guide was created with the precise intention of informing its readers about the company's corporate governance system: from total compliance with the recommendations of the "Corporate Governance Code for Listed Companies", to rationalization of the corporate structure, which brought all the principal activities under a single operating holding company; from the adoption of a Code of Ethics to the development of a rigorous, modern internal control system and a highly advanced environmental management and corporate social responsibility system; to the decision to propose to the shareholders a series of amendments to the company bylaws to further promote their participation in corporate life. One of these, in particular, introduces voting lists for electing the Board of Directors.
" This country needs companies with clear rules, efficient controls, and a transparent system of corporate governance that bolster their credibility and competitiveness, " Marco Tronchetti Provera concluded. " And I am convinced that a well-informed shareholder is better able to make an informed contribution to decisions that affect the success of the company ."
The Shareholders' Guide is divided into two parts. The first is dedicated to the Pirelli & C. S.p.A. group. The second part contains useful information and advice for small shareholders and bondholders, particularly regarding their rights, how to access company information and documents, the procedures for shareholders' meetings, how to interpret financial statements, the most significant indicators of operations and the performance of a listed security, and how the principal financial markets operate. The volume is completed by a glossary of the financial terms most commonly used among dealers and brokers and a list of websites related to the topics discussed.
The "Shareholder's Guide" is available free of charge to anyone requesting a copy from the External Communications Department of Pirelli & C. S.p.A. (Via G. Negri 10, 20123 Milan) or by e-mail ( pressoffice@pirelli.com ) or fax (0285354451), and can be downloaded on the company website, Investor Kit section.
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