(Finance) – The Government, in the meeting of the Council of Ministers of 15 June 2023, on a proposal from the Ministry of Enterprise and Made in Italy, ordered the exercise of the special ‘golden power’ powers on the transaction subject to notification by of China National Tire and Rubber Corporation, Ltd., concerning the shareholders’ agreement on the governance of the company Pirelli“.
This was announced by Palazzo Chigi adding that – the Government’s decision, in compliance with the principle of proportionality, provides for specific provisions for the protection of the strategic asset consisting of CYBER sensors that can be implanted in tyres”.
These sensors – we read – “sThey are able to collect vehicle data concerning, among other things, the road structures, the geolocation and the state of the infrastructures. The information collected in this way can be transmitted to cloud processing systems and super computers for the creation, using artificial intelligence, of complex digital models that can be used in cutting-edge systems such as smart cities and digital twins. The relevance of this CYBER technology can be identified in a plurality of sectors: industrial automation, machine to machine communication, machine learning, advanced manufacturing, artificial intelligence, critical technologies for sensors and actuators, Big Data and Analitycs. For these sectors, CYBER is configured as a critical technology of national strategic importance”.
Misuse of this technology “can result in substantial risks not only for the confidentiality of user databut also for the possible transfer of safety-relevant information”.
The Government’s prescriptions are intended to create a network of protective measures: the independence of Pirelli and its management; the safety of procedures; the protection of information of strategic importance; the know-how possessed by the company. The Government’s decision, “in addition to confirming the commitments undertaken by China National Tire and Rubber Corporation, Ltd., provides Pirelli with a series of tools for the protection of the strategic asset, including a strategic industrial security clearance which provides for limits of accessibility to information. The Pirelli company will also set up an autonomous organizational unit for safety”.
For some strategic decisions of the BoD, the Government requirements also require a vote of at least 4/5 of the board of directors.
“The implementation of the prescriptions will be monitored by the competent Ministry”.