Good evening everybody by Giulio Centemero on giuliocentemero.com.
The New York Times published a nice article about Covid 19 crisis in Italy which I invite you to read, it’s on this morning paper version and yesterday’s online one.
In this crisis health is our primary concern, then comes the economy.
Currently for the investors Cash is King and our enterprises lack of liquidity. On the 13th March, before Covid 19 Economic Decree was issued, I proposed that shareholders’ meetings could be held virtually instead of being postponed. Talking about listed companies dividends deliberated would be equal to some 25 billions, out of which 12 would be cashed within June by the shareholders, injecting some liquidity in the real economy in a period in which it is really needed. Article 106 of the economic decree on Covid 19 crisis is provided that shareholders’ meetings can be postponed but paragraph two grants the possibility to all companies to hold virtual meetings while paragraph four states that listed companies have to chose a designated representative. At the moment listed companies are following paragraph 4 and I believe the government should clarify this matter; the designated representative can meet obstacles and meetings would have to be rescheduled. In 2020 holding virtual shareholers’ meetings should be something common and not unusual and it’s time for our Country to keep up with the times. Same thing should be said for the Parliament that has to be summoned, in case also using the available technology.