Financial Wire

Italy Restricts Sinochem from Holding Board Positions in Bid to Solve Governance Crisis

-- The Italian Prime Minister's Office has imposed restrictions on Sinochem International (SHA:600500) in a bid to resolve the governance standoff at Pirelli, the tire manufacturer said Saturday.

The restrictions form part of the Golden Power decree of Prime Minister Giorgia Meloni's office.

They include a limit on the number of directors Sinochem could appoint to the board of the tire maker, as well as an appointment ban for Sinochem directors as chairman, vice chairman, or chief executive officer, Pirelli said.

Meloni's office also restricted Sinochem directors from chairing board committees.

The restrictions will remain in force as long as Sinochem retains its stake in Pirelli above 9.99%, the tire maker said.

Sinochem holds a stake in Pirelli through Italian branch Marco Polo International.

Pirelli and Camfin have called for restrictions on Sinochem as its Chinese origins prevent the tire maker's U.S. expansion, according to multiple media reports.

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