| Istalian Strategic Investment Fund|
Fondo Strategico d'Investimento Istaliano
|Type||Società per Azioni (S.p.A.) (Joint-stock Company)|
|Traded as||RISE: Not yet publicly traded|
|Industry||Global Investment activity|
|Headquarters||Piazza delle Nazioni Majatrane, Romula, Mezzodiurno|
|Key people|| Michele Zarilli (President and Chairman of the Board of Directors)|
Eugenio Veruniani (CFO)
|Owners|| Minister of Finance of Istalia (50%)|
Bank of Istalia (50%)
The Istalian Strategic Investment Fund is an independently managed sovereign wealth fund, although totally owned by the Minister of Finance of Istalia and oversighted by the Istalian Parliamentary Finance Committee, with which the Istalian Government invest the budgetary surplus and the foreign exchange reserves detained by the Bank of Istalia to meet government's long-term investment goals, specified in the establishment and foundation law of the Fund, aimed to save for the future, to strengthen the economy, and to improve the quality of life of Istalians.
The Strategic Fund has the authority and responsibility therein to invest its defined sums, granted by the Gouvernement, in major foreign corporations and other investment opportunities for-profit and betterment of Istalia. The holding, however, is obliged to always hold a minority of the capital of the companies in which it invests. To fulfill the missions entrusted to it, the fund shall invest in profitable projects that generate income and invest in the long term but without the duration of the investment being fixed beforehand. However, for the fund to be responsive and have liquidity to act quickly, it will have to turn its portfolio.
The fund management is divided between two structures:
The Steering Committee (Istalian: Comitato Coordinativo) deliberates and resolves the following matters including: mid- and long-term investment policies; modification of financial status, such as the increase or decrease of capital; entrustment of assets to FSII; appointment and dismissal of executive officers; approval of budget and account settlement; evaluation of management performance of FSII; inspection of the business. The member of the Steering Committee are appointed by the Minister of Finance on suggestion of the Parliamentary Financial Committee.
Board of directorsEdit
The Board of directors is composed of seven members (2 as representatives of the Minister of Finance and the Government, 2 as representatives of the Central Bank of Istalia and 3 qualified personalities) appointed by the Minister of Finance on suggestion and with approval of the Steering Commitee. The board of directors implements the investments policies approved by the Steering Committee. Usually the role of President and Chairman of the Board is covered by one of the qualified members.