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The 31.12.99 balance
closes with a 120 millions profit against an 8.552 millions loss of
the previous fiscal year. The comparison of these two data points a
neat turnaround in the Company activity, but, looking at it attentively,
the passing of accounts from in the red in 1998 to the out of the red
in 1999 comes entirely from the increase of capital that by contributing
liquidity for nearly 225 billions, allowed not only discharging the
huge 1998 indebtedness (nearly 145 billions) but also to "make large
profits" due to the residual liquidity management. The increase of capital
was possible thanks to the banking system interventions that was interested
to balance the debit-credit items among the Brioschi, its controlled
and mainly the Bastogi, the controller.
By now among the shareholders
with a more than 2% quota there are the MPS (3%) and the Lodi (3,49%)
while it seems that Banca Intesa and the Vi-fin that hold together 6%,
left. On last 2nd, it was noticed the purchase by the "RCS Libri" of
a property for 56 billions, grounded with the policy of "focusing investments
on worthy income outlooks opportunities ".
But in a Company as
Brioschi is, the purchase of properties is logical if aimed to a trading
activity, instead it does not seem coherent if it has an end in itself.
Instead the Company
must allocate its own resources in the valorisation and monetization
of the huge real assets constituted by the Cabassi of the previous generation.
The Cabassi brothers
management, that, by the means of the Bastogi, leads the Holding, seems
more oriented to an 'administration of what exists' rather than 'adjusted'
on an entrepreneurial activity by assuming the involved risks. The "sparagnina"
mindedness surfaces inside the Brioschi even for the amount of remunerations
deliberated for Directors and Auditors. The shareholders meeting has
named as Directors Dario Fischer, Matteo Cabassi, Massimo Busnelli,
Lucia Buroni, Riccardo Cajrati Crivelli, Roberto Golini, Giampaolo Gandolfi
and Raimondo Targetti: eight, in total, among which there are renown
professionals.
The remuneration for
the whole Board of Directors has been fixed in 198 millions, pre-tax,
yearly. Assuming that 40 millions are for the President (few more than
3 millions, pre-tax, monthly and so few more than 1,5 net millions monthly)
50 millions for the managing Director (few more than 4 millions, pre-tax,
monthly, that is more than 2 net millions monthly), among the other
6 counsellors it would remain 108 billions, pre-tax, to allocate, that
is 54 net millions that divided into six correspond to 9 millions per
year that is L. 750.000 monthly. Surely not better the treatment deserved
by the shareholders' meeting to Maurizio Comoli, President of the Board
Of Auditors and to the real Auditors Fabrizio Colombo and Carlo Tavormina.
Twenty-five millions, pre-tax, to the first one, fifteen millions, pre-tax,
to the second one.
If these personages
were not beyond any suspect, one could think that the official remuneration
is integrated by alternative rewards, since it's anomalous at all that
people that has professional practices carries out with accuracy, thoroughness,
and professionalism tasks corresponding to Administrators and Auditors
for such remunerations.
One could think furthermore
- and mistaking - that if they are paid badly is because they are not
worth or because they work few and that is the reason why Cabassi choose
them. It is trivially obvious that all that it is not of help for the
appearance of a Company listed at the Stock Exchange, the Cabassi's
one but also and mainly of the involved persons' one.
Matteo Cabassi, to
whom at the shareholder's meeting introduced these themes, answered
that the Directors and Auditors' remunerations will be reappraised only
if and when the balance will close with adequate profits. This assertion
lacks any logic support. Mainly the Auditors' activity must be, be carried
out and rewarded whichever is the balance as it happens for the Auditor's
certifications companies. What a strange world that of the Company listed
at the Stock Exchange where multi-billionaire remunerations deserved
to the so many Directors of Company steadily in loss it opposites professionals
that accept to be at service of Brioschi... only for a handful of Euros!
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