Ita Airways, the Board of Directors removes the powers of the president Altavilla. But everything remains frozen until November 8 – Corriere.it
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Toccher at the shareholders’ meeting, on November 8, to decide whether or not to remove the operating powers of the president of Ita Airways Alfredo Altavilla. Even after six (resigning) members, with the support of the CEO Fabio Lazzerini, have decided to effectively deprive Altavilla of powers by assigning them to the CEO. All this took place during the board meeting, called to approve the numbers for the first half of this year, and in the middle of the Mef-Certares negotiation for the sale of 50% plus one share of the Italian airline to the US fund. But government sources explain to the Courier that such a decision remains frozen until 8 November, the day on which the shareholders’ meeting is called.
The next steps
It is not clear at this point what could happen. From what we learn, that of the six members of the Board of Directors would have been a proclamation while discussing the various and possible rumors of the meeting. The insiders are wondering if the directors can revoke the proxies to Altavilla or if it no longer belongs to the shareholder, that is the Ministry of Economy and Finance. At this point – after trying to calm the waters in the last few days – it’s up to the Treasury to decide how to proceed.
The legal profiles
Not excluding the start of a legal battle with few precedents. So much so that, according to the Courier, the board of statutory auditors will meet on Thursday 13 October to verify the legality of the maneuver implemented. It all started with a communication from the six directors who resigned since last March – Lelio Fornabaio, Alessandra Fratini, Cristina Girelli, Simonetta Giordani, Silvio Martuccelli and Angelo Piazza – with which they ask the president Altavilla to include on the agenda of the Board of Directors of 12 October the point with the title Strategic partnership operation. Assessment of the structure of the proxies: inherent and consequent resolutions. A diplomatic way to remove the powers related to privatization today in the hands of Altavilla.
The accusations
The six members accuse the president of not having made available the most sensitive information of Ita (profitability broken by route, ed) to some of the members of the consortium led by Certares, namely the commercial partners Delta Air Lines and Air France-KLM. The request of the resigning – their step backwards was never formalized by the shareholders’ meeting – found the support of the CEO Fabio Lazzerini, but not of the other member of the board, Frances Ouseley, an expert in air transport (he led among other things the Italian division of easyJet).
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