The Independent Director has laid an egg

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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)
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