| Mantua, 5 September 2023 – Meeting after the death of the company Chair and CEO Roberto Colaninno, the Board of Directors of Piaggio & C. S.p.A. (PIA.MI) reformulated the corporate governance structure, after receiving the recommendations of the board committees.
Director Matteo Colaninno has been appointed to the post of Executive Chair, with powers largely consistent with those he held previously.
Director Michele Colaninno, who was already chief executive of global strategy, product, marketing and innovation, has been appointed Chief Executive Officer.
With a resolution approved by the Board of Statutory Auditors, the Board also coopted Carlo Zanetti as a new non-executive director, so keeping the number of board members unchanged.
The nine members of the Piaggio & C. S.p.A. Board of Directors – the majority of whom (5) meet the statutory independence requirements – are therefore: Matteo Colaninno (Executive Chair), Michele Colaninno (CEO), Graziano Gianmichele Visentin (independent director), Rita Ciccone (independent director), Patrizia Albano (independent director), Federica Savasi, Micaela Vescia (independent director), Andrea Formica (independent director) and Carlo Zanetti.
In compliance with legal requirements, the new director will remain in post until the next meeting of the shareholders. The term of office of the current Board of Directors is due to end when the shareholders meet to approve the financial statements as at and for the year ending 31 December 2023.
As of today, Carlo Zanetti does not own any Piaggio & C. S.p.A. shares.
Role of the Board
The Board has a central role in connection with corporate organisation and is responsible for the functions and strategic guidelines, as well as the verification of the existence of the necessary controls to monitor the performance of the Issuer and Group companies of which it is the Parent Company.
The Board has all powers for the management of the company and for this purpose can approve or execute all actions considered necessary or useful for the implementation of the objects of the company with the exception of those reserved by law and by the Articles of Association for the Shareholders’ Meeting.
In addition, the Board examines and approves the strategic, industrial and financial plans of the Issuer and of the Group of which it is the Parent Company, the corporate governance system and the structure of the Group of which it is the Parent Company.
Appointment
- The Company is administered by a Board of Directors comprising at least 7 and no more than 15 directors
- Board Directors are appointed by the Ordinary Shareholders’ Meeting based on lists submitted by Shareholders
- The term of the office shall not exceed three financial years
Requirements
Persons who have gained at least three years experience in the following may be appointed as directors of the company:
a) administration and supervision activities, i.e. senior management tasks in joint stock companies with share capital of at least two million EUR; or
b) professional activities or university teaching in legal, economic, financial and technical-scientific fields strictly related to Company operations; or
c) managerial functions with public bodies or the public administration sector operating in the credit, financial or insurance fields, or in any case in fields which are strictly related to the company operations.
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