Published by Global Banking & Finance Review®
Posted on April 10, 2026
3 min readLast updated: April 10, 2026
Add as preferred source on GoogleItaly has renewed and expanded its “golden power” curbs on Chinese investor Sinochem—now capped to nominate only three board candidates, two independent—to resolve a governance conflict with Pirelli’s Italian co-investor Camfin and ensure compliance with US tech rules.
By Giuseppe Fonte and Giulio Piovaccari
ROME, April 10 (Reuters) - Italy has imposed curbs on China's Sinochem to try to end a governance spat in tyremaker Pirelli, two people familiar with the matter told Reuters on Friday.
Beijing-controlled Sinochem is Pirelli's largest shareholder with a 34% stake, while Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, holds around 26%, with plans to increase it to up to 29.9%.
Prime Minister Giorgia Meloni's government set the curbs on Thursday by using golden power legislation aimed at shielding strategic assets, the sources said, asking not to be named.
Both Pirelli and Camfin have called for curbs on Sinochem, saying that its ownership position complicates Pirelli's expansion plans in the United States, as Washington tightens restrictions on Chinese technology in the automotive sector.
The U.S. is a key market for Pirelli's premium tyre business.
Among the government-set prescriptions, which are not public, Sinochem is entitled to submit a list of candidates for Pirelli's board renewal comprising a maximum of three members, two of whom must be independent, the sources said.
Pirelli's board currently consists of 15 members, eight of whom come from its Chinese investor.
Sinochem board members will not be able to hold top corporate offices such as chairman or chief executive, the sources said, adding there were no restrictions on their nationality.
Sinochem and Pirelli declined to comment.
Italy set a first tranche of prescriptions in June 2023 to limit Sinochem's influence over Pirelli, ruling that Sinochem must avoid exerting any influence over the group.
The sources said these curbs would remain in place.
The dispute escalated in January, when Camfin said it would not renew its shareholder pact with Sinochem, paving the way for a new intervention by the Italian government on the tyremaker's governance.
Italy's government would have preferred the parties to reach an agreement, but in the absence of any deal, it intervened through golden powers.
Pirelli's shareholders' meeting is due to renew the board in June.
(Reporting by Giuseppe Fonte in Rome and Giulio Piovaccari in Milan, editing by Gavin Jones, Rod Nickel)
Italy imposed new curbs to resolve a long-standing governance dispute between Sinochem and Camfin, Pirelli’s two largest shareholders.
Sinochem can propose a maximum of three candidates for Pirelli’s board renewal, two of whom must be independent.
Camfin, led by Executive Vice President Marco Tronchetti Provera, holds 25.3% of Pirelli and is involved in the dispute with Sinochem.
Italy initially imposed restrictions in June 2023 to limit Sinochem’s influence in Pirelli.
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