Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Italy market watchdog Consob looking closely at Leonardo CEO pick

Published 14/04/2023, 18:56
© Reuters.
LDOF
-
FINMY
-

ROME (Reuters) - Italy's stock market watchdog Consob is scrutinising the government's CEO nominee at defence group Leonardo after an opposition lawmaker raised potential conflict-of-interest issues, sources at the regulator said on Friday.

Italy's Treasury on Wednesday tapped former Energy and Environment Minister Roberto Cingolani to take charge of Leonardo, as part of a round of nominations at state-controlled firms.

Green party leader Angelo Bonelli complained about the choice to Italy's Antitrust agency, saying it runs against a law that bans ministers from taking on jobs in sectors they previously regulated in the 12 months after leaving office.

"Leonardo operates also in the environmental sector and Cingolani was ecological transition minister in the previous government led by Mario Draghi until October 2022," Bonelli said on Thursday.

Sources at Consob said Bonelli's complaint "indirectly concerns" also their agency as its competences include supervising the correct functioning of listed companies' internal bodies.

On Thursday, Italy's Antitrust authority declined to comment, while text messages to Cingolani went unanswered.

© Reuters. FILE PHOTO: Italy's former Minister for Ecological Transition Roberto Cingolani speaking during the UN Climate Change Conference (COP26), in Glasgow, Scotland, Britain, November 5, 2021. REUTERS/Phil Noble/File Photo

Cingolani has a background as a physicist and has informally advised Prime Minister Giorgia Meloni's office on energy policy. He was previously Leonardo's chief technology and innovation officer.

Leonardo's shareholders are expected to ratify his appointment at a May 9 meeting.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.