Pirelli delays board meeting as Italian ‘golden power’ review continues

Milan, Italy — Pirelli & C. SpA has postponed the board meeting to approve its 2025 financial statements, citing the ongoing review by the Italian government under its “golden power” investment screening mechanism.

In a 13 March statement, the Italian tire maker said the board meeting will now take place on 16 April, instead of the previously scheduled 26 March.

The process was triggered after the failure to renew a shareholder agreement involving several of Pirelli’s key investors, including Sinochem affiliate China National Chemical Corp. (CNRC), Marco Polo International Italy, Camfin, and Marco Tronchetti Provera & C. SpA.

Pirelli said the new timing was decided “to take into consideration the timeline of the Golden Power procedure now under way” following notification of the failed renewal of the pact.

The delay follows an earlier dispute between Pirelli’s Italian shareholders and its Chinese majority investor Sinochem over how the company's governance structure and compliance with US connected vehicles regulations.

The US Bureau of Industry and Security (BIS) is expected to implement the connected-vehicle regulations by 17 March.

Among other measures, the regulation restrict the use of key sotware/hardware components linked to Russia or China.

The regulation will, in particular, affect Pirelli’s 'cyber tire' technology, which allows tires to communicate in real-time with vehicle systems and road infrastructure.

In late February, Pirelli confirmed that, Camfin, its second-largest shareholder, was not renewing its shareholders’ agreement with Sinochem after failing to agree on governance changes. (ERJ report)

The shareholder agreement — signed in May 2022 and effective from 19 May 2023 — is scheduled to expire on 18 May 2026.