Fondazione Fiera Milano position on Fiera Milano Spa governance

Milan, 14 January 2017 – The Executive Committee of Fondazione Fiera Milano, held a meeting today chaired by Chairman Giovanni Gorno Tempini and took note of the decision of the Board of Directors of Fiera Milano Spa to withdraw from office on the date of the General Meeting called to approve the company’s 2016 financial statement. The Executive Committee thanked the board members of Fiera Milano for their responsible action in the company’s current complex situation, following the judicial administration orders.

The Executive Committee of Fondazione Fiera Milano, which has a 63.82% majority shareholding in Fiera Milano Spa, also gave Chairman Gorno Tempini a mandate to prepare a new list of those designated to the office of Director, that will be submitted pursuant to Article No. 14.4 of the Articles of Association of Fiera Milano SpA. The new list will ensure that the criteria of professionalism, competence and independence are fully met, in order to strengthen the leading position that Fiera Milano has always held both nationally and internationally. 

The list will be submitted to the registered offices of Fiera Milano SpA within the 25th day before the date set for the first call of the General Meeting. The list shall also be made public, as provided for by law and Consob (National Commission for Companies and the Stock Exchange), at least 21 days before the date set for the General Meeting.

Fondazione Fiera Milano is carefully following the judicial situation of Fiera Milano SpA, in its capacity a shareholder, while not exercising any management or coordination. 

Fondazione Fiera Milano confirmed its intent to support the industrial development of Fiera Milano SpA, which is necessary to maintain an appropriate level of international competitiveness, in keeping with its Industrial Plan set out in the 2017-2019 Forecast and Planning Report, approved on 19 December last year.