S&P Global has published its Sustainability Yearbook 2024, with Pirelli distinguishing itself as the only firm within the Auto Component sector to qualify as a ‘Top 1%’ company. Commenting on this achievement, Marco Tronchetti Provera says the recognition confirms Pirelli’s “capacity to integrate its sustainability strategy along the entire value chain.”
Goodyear and Michelin are pruning their operations in Germany in the face of rising energy costs and increased competition from budget brands, and the local rubber industry association didn’t paint a rosy picture of the tyre-making future when it met in November, but one manufacturer has expressed commitment to its German manufacturing site. Pirelli says it has “no plans” to end production at its Breuberg plant.
Following the annual review of its indices, S&P Global has confirmed Pirelli on the Dow Jones World Index and Europe Sustainability Index. This confirmation follows the announcement in November that Pirelli had obtained the highest scores in the Auto Components and Automotive sectors as part of the S&P Global 2023 Corporate Sustainability Assessment.
This year’s Pirelli Supplier Day took place today at the tyre maker’s headquarters in Milan, with the company welcoming companies from 18 countries. The more than 70 strategic suppliers attending the event represent around 40% of Pirelli’s annual global purchases, and Chief Procurement Officer Andrea Maganzani honoured five stand-out firms.
The FIA has confirmed Pirelli as sole Formula 1 tyre supplier for 2025-2027, with an option to extend the agreement for a further year. This announcement follows a detailed technical analysis of tender submissions from both Pirelli and Bridgestone.
The Pirelli & C. SpA Board of Directors that was nominated on 31 July met for the first time yesterday. During this meeting, board members nominated Marco Tronchetti Provera to the position of Executive Vice Chairman and Andrea Casaluci as Chief Executive Officer.
At the first Board of Directors meeting held after the upcoming Pirelli shareholders’ meeting, CEO candidate Andrea Casaluci will propose a new Corporate General Management structure that will report to him. He will put forward this structure in coordination with current Executive Vice President and CEO Marco Tronchetti Provera and propose the position be entrusted to former CFO Francesco Tanzi, who will return to the Pirelli Group after a hiatus of almost two years.
Pirelli has published an extract of its Renewal of the Shareholder Agreement, a document signed on 16 May 2022 and amended to take into account the provisions of the Golden Power Decree of the President of the Council of Ministers. Read the official English-language version of the updated document here.
Restrictions placed upon major Pirelli & S.p.A. shareholder China National Tire & Rubber Corporation Ltd. include giving the remit of selecting the company’s chief executive to Camfin S.p.A. In a statement issued today, Camfin announces that it will nominate Andrea Casaluci to this role in addition to Marco Tronchetti Provera as Pirelli’s executive vice chairman. Giorgio Bruno, who was previously identified as Pirelli’s next CEO, is ending his tenure on the Board of Directors.
Pirelli reports that the Shareholders’ Agreement signed in May 2022 entered force as of 19 May 2023. The renewed agreement replaces the previous agreement that expired on 28 April 2023 but doesn’t yet fully apply. Pirelli explains that proceedings related to the Golden Power Decree are still ongoing, with the agreement’s effect and voting rights for China National Tire & Rubber Corporation, Ltd. (CNRC) remaining suspended until a conclusion is reached.
Pirelli is the new exclusive tyre partner to the Goodwood Festival of Speed, replacing the five-year agreement with Michelin that concluded in 2022. Amongst other highlights, at this year’s Festival the Italian brand will preview three new P Zero tyres that mark the “imminent renewal of Pirelli’s entire high-end range.”
The three-year agreement pertaining to the governance of Pirelli & C. S.p.A. that took effect on 28 April 2020 has now expired. Although the Renewal of the Shareholder Agreement agreed upon on 16 May 2022 has not yet taken affect, Pirelli states that its governance structure will “remain unchanged” until it does.
As reported yesterday, Italy’s government is looking to ensure tyre maker Pirelli isn’t unduly influenced by its largest shareholder. A piece of legislation named Golden Power may help to this end, and in light of activities linked to this rule, Pirelli has postponed an upcoming shareholders’ meeting.
According to people familiar with the matter, Italian officials are attempting to limit the influence Sinochem has on Pirelli. Reporting this development, Bloomberg shares that officials are speaking with Pirelli investors about a range of options related to corporate structure.
On 28 February 2023, Pirelli shareholder Camfin SpA and its parent Marco Tronchetti Provera & C. SpA (MTP/Camfin) signed a shareholder agreement with Brembo SpA and Next Investment Srl, together with its parent NuovaFourB Srl (Brembo). The agreement covers Brembo’s commitment to align its vote with that of MTP/Camfin, following prior consultation, on matters included in the agenda at Pirelli’s ordinary or extraordinary shareholder meetings.