I’ve asked Romano Prodi to have a decree to modify the Draghi law and give a voice to the small shareholders. However, Italia dei Valori will present its own draft law.
I am supporting the initiative that Beppe Grillo is promoting on his site, but the number of people supporting this cannot have significance because of a bureaucratic law that we must get changed.
The system must be reformed, in particular the Chinese Boxes, that mechanism of company entwining in a cascade that allows Tronchetti Provera’s Olimpia to control 75% of Telecom Italia’s Board of Directors with 18% of the capital.
The small shareholders should group together. I have started to move in this direction but Consob has sent me a long letter explaining that a complicated and messy procedure is needed.
And thus Grillo, who does not have the specific qualifications required is not able to speak in the name of all at the shareholders’ meeting.
As well as the modification to the Draghi law, I have a second proposal. When it’s a matter of networks that are fundamental for the country, if there’s a sale, that’s possible, but the one that buys must obtain new authorization from the State to use the network.
The State must evaluate whether there are the necessary conditions. Obviously to get to this point it’s necessary to dismember the network and place it in this authorization regime.
All this is needed to avoid things like the use of the network to pocket the dividends rather than to invest to improve the service. I would not want to see Telecom landing up with new “wide boys”, perhaps from a broader neighbourhood. This is why we have to take action before it is too late.