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In the end, the turning point in Iren’s governance came on the very day the group’s board of directors approved the new industrial plan to 2030 which envisages over 8 billion in investments and an EBITDA of 1.8 billion at the end of the business plan.
The same board, in fact, “taking into account the investigation conducted by both the Remuneration and Appointments Committee and the Control, Risk and Sustainability Committee, resolved to dismiss the former CEO Paolo Signorini for objective just cause”, as a consequence of the “objective incompatibility of Signorini’s work performance, as top manager of Iren, with the contingent situation that has arisen”.
Signorini, as is known, is still under precautionary custody (since May 7th) as part of the ongoing investigations by the Genoa Public Prosecutor’s Office – in which he is accused of corruption – and confirmed even after the requests made by his defence. Circumstances that cause an impossibility, «now irreversible and no longer just temporary, to exercise his functions as top manager”, highlights a note from the multi-utility, which also specifies that “as regards the economic elements, the disbursement of sums of money in relation to the dissolution of the relationship is not envisaged of fixed-term employment before the expiry of the term”.
Dal Fabbro: we do not expect governance changes anytime soon
During the conference call presenting the new industrial plan, the executive president, Luca Dal Fabbro, explained that he does not expect governance changes in the short term. «We assume that the current governance will remain until the majority shareholders decide to change it. We don’t expect a change anytime soon, the shareholders will decide if and how,” he said. “The current governance has already shown ample proof of stability and performance even when the other CEO left”, added the top manager. «The current governance has 10 top figures with two executives. Both the vice president and I will be here until the end of our mandate, which will expire in mid-2025 and with or without a new CEO we will move forward with the new plan, for which we take responsibility.”
The leadership of the group, obviously, remains firmly in the hands of the president Luca Dal Fabbro. The board of directors has in fact confirmed the current organizational configuration approved in the extraordinary meeting of 7 May: the group is directed and coordinated by the executive president, precisely Dal Fabbro, and by the executive vice president Moris Ferretti, to whom the delegations and powers previously assigned to the former CEO Signorini.
