The Independent Director has laid an egg


Autostrade, Enel, Eni, Mediaset e Telecom  have been defined as monopolies by Romano Prodi who added: the only companies that make money, all companies that are based on tariffs” and “ the controlling authorities leave space that can only be dreamed of in the rest of Europe.”

Prodi has said things that are obvious, stuff that even children know.

Those who feel criticised could respond with a dignified silence.

But as always, the first hen to sing has laid the egg (as we say in Italy to say he who speaks first is usually the one who did it).

And to whom can we associate today’s egg?

To the 11 independent directors of Telecom:

Enzo Grilli, Pasquale Pistorio, Jean Paul Fitoussi, Guido Ferrarini, Francesco Denozza, Luigi Roth, Marco Onado, Luigi Fausti, Domenico De Sole, Robet Boas, Paolo Baratta.

After a day and a half of consultations, they have published a weighty response to Prodi that appeared in Il Corriere della Sera on Tuesday as a full page.

But if they are independent, are the other directors dependents (employees)? And on whom do they depend? And how can it be said that these 11 are independent? Don’t they have to be at least pleasing to Tronchetti? And who elects the independent directors? And how much do they earn? And what do they really do?

And then, shouldn’t a director, by the nature of the role, always be independent and doing only what is good for the company and for the shareholders?

Telecom is advised by you independents and reaches 42,000,000,000 Euro of debts with the shares yesterday loosing 24.7% from the beginning of the year.

Wouldn’t it be better if it took advice from someone else?

PS: I don’t want to comment on an article that came out yesterday in Il Tempo and signed with a pseudonym.  However I would like to point out that the financing that bears no interest is for 461,000 Euro and not 461,000,000 Euro as reported in the text by a “typo

Posted by Beppe Grillo at 10:00 PM in | Comments (0)
Post a comment | Sign up | Send to a friend | | GrilloNews |
View blog opinions

Post a comment

Beppe Grillo's Blog is an open space for you to use so that we can come face to face directly. As your comment is published immediately, there's no time for filters to check it out. Thus the Blog's usefulness depends on your cooperation and it makes you the only ones responsible for the content and the resulting outcomes.

Information to be read before using Beppe Grillo's Blog

The following are not allowed:
1. messages without the email address of the sender
2. anonymous messages
3. advertising messages
4. messages containing offensive language
5. messages containing obscene language
6. messages with racist or sexist content
7. messages with content that constitutes a violation of Italian Law (incitement to commit a crime, to violence, libel etc.)

However, the owner of the Blog can delete messages at any moment and for any reason.
The owner of the Blog cannot be held responsible for any messages that may damage the rights of third parties Maximum comment length is 2,000 characters.
If you have any doubts read "How to use the blog".

Post a comment (English please!)

First name and Surname*:

Email Address*:
We remind you that anonymous messages (without real first name and surname) will be cancelled.

* Compulsory fields

Send to a friend

Send this message to *

Your Email Address *

Message (optional)

* Compulsory fields