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UPDATE 1-Finmeccanica shareholder meeting delayed
April 9, 2013 / 3:31 PM / 4 years ago

UPDATE 1-Finmeccanica shareholder meeting delayed

* Meeting delayed by a month due to political impasse

* Monti govt wants new executive to name new board members (Adds minister quote, CDP meeting confirmed)

ROME, April 9 (Reuters) - A shareholders’ meeting planned in April to review the board of state-controlled defence group Finmeccanica will be delayed by a month because of political stalemate, a government minister told Reuters.

The meeting is expected to name two new board members to replace ex-chairman Giuseppe Orsi, who was arrested in February over allegations of corruption linked to a helicopter contract in India, and Franco Bonferroni, who resigned over a separate issue in September.

The postponement underscores how the political impasse that has followed inconclusive parliamentary elections in February, where no party won enough votes to govern, is also affecting Italian business.

The outgoing caretaker government of Prime Minister Mario Monti requested the delay to ensure the politically sensitive appointments are made under a new executive with a full mandate.

“The fact that Finmeccanica has requested more time to release its results allows us to postpone the shareholders meeting by a month,” Pietro Giarda, the minister responsible for relations with parliament, told Reuters.

The board of Finmeccanica has pushed back the approval of 2012 results to April 23 from March 15 to better evaluate the impact of the India bribery probe that prompted Orsi’s resignation.

Former chief operating officer Alessandro Pansa replaced Orsi in his role as chief executive in February but a permanent new chairman has not yet been named.

The treasury has a stake of about 30 percent in Finmeccanica, Italy’s second-biggest private employer after Fiat .

A separate shareholder meeting on April 17 due to appoint board members and top managers at Cassa Depositi Prestiti, a powerful state financial holding, has been confirmed because it was too late to postpone it, Giarda said. (Reporting by Paolo Biondi and Roberto Landucci, writing by James Mackenzie and Silvia Aloisi, Editing by Helen Massy-Beresford)

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