The Corriere reports that the Rai board meeting which was scheduled for the 8th of August did not go ahead because of a failure to reach quorum. The meeting had been requested by the Treasury Minister, Padoa-Schioppa, who wants to fire the Treasury representative on the board, Angelo Maria Petroni. But, according to Art. 2388 of the Italian Civil Code, at least half of the board must show up in order to take any decision - least of all any decision concerning the substitution of a board member. But because the centre-right members - including Petroni - didn’t show up, no decision could be taken. He didn’t turn up, so they couldn’t fire him. This does, of course, completely ignore the issue of whether either the board, or Padoa-Schioppa, are actually legally entitled to remove Petroni. That’s currently being decided by the courts.
The Rai press office has done its best to muddy the waters. It claims that the failure to convoke the assembly will result in fines according to “Art. 263 of the Civil Code” - which, as far as I can see, does not concern company law but rather the recognition of paternity.
Post a Comment