gestione bilanci in controluce

4/2000
From the collaboration with

A committee composed by 22 among the most renown exponents of the listed companies, of the Assolombarda, Confindustria, Assogestioni, and leaded by the Consob's president with the advise of qualified jurists and university teachers, took in charge the drawing up of a “Self-Discipline Code “ for the listed companies “whose main aim are a good Corporate Governance” and the company-shareholders relationship.

To the “partners relationship “ - It is devoted an entire chapter where, among others, it is written:

“The shareholders meetings are one of the basic moments of the shareholders-Board of Directors relationship. The committee recommends to foster and to ease the shareholders attendance to the meetings, and the attendance, if possible, of all Directors.”

The truth is exactly the opposite- the Boards of Directors deem meetings as a useless waste of time, minority shareholders' speeches as the humming of hornets (irritating but inoffensive), the deepening questions as a kind of protest.

It's irrefutable the allergy the Boards of directors give proof against the meetings showing an active shareholder's attendance: the concentration on the same date of an impressive number of convocations of meetings.

On next April 28th, for example, 57 meetings are convened as it results in the list below. Many of them presided by who sanctioned in the “Code” the role of meetings that in fact inhibits.

This concomitance prevents who owns a “little garden” of securities to intervene so to listen to, to look at Directors in the face, to “feel” the environment.

The Self-Discipline Code looks so as theoretical exercise lacking objective check- who wants to know more about, can ask for a copy Dr. Camilla Pedraglio - Italian Stock Exchange Communication Direction

e-mail:

camilla.pedraglio@borsaitalia.it

On Saturday April first in an interview issued widely highlighted by “Il Corriere della Sera”, Rodolfo De Benedetti declared “I don't know if the shakeout of the technological securities at the Stock Exchange is over or it's just starting, but I know is that it is wealthy “.

On Thursday 4th on the daily “Il Giorno”, the comment on the on Monday Stock Exchange quotations headlined “it falls the De Benedetti team” and the text pinpointed: “Hails of suspensions due to excessive bear run for the entire values of the De Benedetti group.”

If it is true that on Monday the Milan Stock Exchange closed with a loss, few less than 3%, it is true the same that the “ De Benedetti team” lost more than the double.

So it seems that the Stock Exchange 'absorbed' the Rodolfo De Benedetti's opinion and drew the conclusions, beginning from the “family” securities, deemed as conditioned by the web.

The financial environments, indeed, attributed to the Engineer' initiatives in the new economy the increase recorded by the Cofide and Aedes Groups' shares. On the other side this interpretation has been proved by the “enthusiasm” and by the “activeness” by which Carlo De Benedetti “has got back” and by his declaration about the “epochal revolution “brought by Internet.

But the shakeout of the “share prices” deemed by Rodolfo De Benedetti as “healthy” concretises in other than healthy losses for many new shareholders of the company he manages. They say that the De Benedetti achieved strong benefits from the sale of the Aedes shares and maybe of many other companies. That's good for them. To the little instead...a bitter taste.

On Thursday 4th the Bank's security recorded a remarkable 8,75 % increase getting very close to its all-time peak.

“MF”, commenting on the exploit, pointed out as concomitant cause the good estimation given by Moody's and that raised the rating of the Torinese Institute. The motivation for rating increase moves evidently from approximate evaluations, to say the least and not to say 'groundless', about the activity of the S. Paolo-IMI.

Useless reminding the not exalting “somersaults” in the extra-bank events concerning Telecom and INA; in the “bank” sector they are 1999 “assets” the idle approaches to Comit; the “gaffe” for the TOB over the Banca di Roma; the unfinished conquer of the BNL; the checkmate underwent by the Salento; the “hard” conquer of the Banco di Napoli, still to accomplish.

If balances are, as it is right they are, representative of the management and the characteristic activity, it deserves to pause upon the 1999 reclassified Profit and Loss Accounts.

The “ Enterprise Reclassified Profit and Loss Account “ in comparison with 1998 one, highlights the minus 16,5 of the “Interest Margin”, the minus 3,5 of the “Broking Margin”, the minus 4,0 of the “Operating Result”. So this is the “strong” operational profitability of the characteristic activity. It's desiderable that the estimation by Moody's did not took as assumption the “Ordinary Profit “ since it betters as regards to 1998 only for “Corrections” of less importance that, on the other side, are due to the assignment of 3000 billion overdue credits.

So Moody's estimation does not have objective checking in the 31.12.99 S. Paolo - IMI's Consumptive; what is serious is that it concurred meaningfully to determine (if it's true) the security quotation.

In conclusion who drew up the S. Paolo - IMI's estimation and so bettered its rating, possibly did not have correct and updated information.

Whenever, what is sure is that Moody's got it all wrong

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