Information from San Marino: The Directors want to hear the Director of BCSM, who is not yet there
The Directors want to hear the Director of BCSM but formally BCSM does not yet have a director
Until January 2023 and previous approval by the Board, Dr. Vivoli will in fact be acting Deputy Director
The Council is not always fully aware of the subject we are talking about. It can happen. But sometimes it would be enough to refer to press releases, such as that of Central bank, to understand if some things are feasible or not. All or almost all of the directors who spoke on the subject said that finally BCSM has a Director after years of an acting deputy. So, they added, we must not waste time. To hear him immediately in the Finance Committee, perhaps even in a secret session, to hear what he wants to do, what are his plans in the relationship with Bank of Italyhow it intends to move … and so on.
The councilor came up with the brilliant idea of immediate audiences Giovanni Zonzini: “I think it’s time to listen to Dr. Vivoli, the new Central Bank Director, to ask him both the state of the art of relations with Bank of Italy and what prospects the new general manager intends and how he intends to do so “.
The president of the Financial Commission immediately echoed him Alessandro Manciniwho came back in a hurry said: “I have already moved to ask for an audition”.
The problem is that Dr. Andrea Vivoli he is not yet formally General Manager, and he will not yet be so for at least almost seven months. The Central Bank press release issued on June 2 was very clear on this in which it read: “Dr. Vivoli took on the role of Deputy Director from 1 June and will assume the role of Deputy General Manager, pursuant to the selection announcement, starting from 1 July 2022, once the profitable mandate of Avv. Giuseppe Ucci in that role. After the six-month trial period foreseen by the announcement, subject to the approval of the Great and General Council, he will assume the position of General Manager for six years, as required by art. 14, paragraph 2 of the Central Bank Statute“.
So to clarify: there are currently three deputy directorates in Central Bank. Doctor Daniele Bernardihistorical Deputy Director, Dr. Andrea Vivoli and Dr. Giuseppe Ucci. The latter also holds the role of acting General Manager, a role he will hold until June 30, when he will leave Via del Volto[1]n. So there will remain two deputy directors, Bernardi and Vivoli. Dr. Vivoli will take on the role of deputy from 1 July[1]rector, who he already holds, acting as General Manager. This means that he will not yet be General Manager and, above all, will have to undergo a probationary period of six months. During the trial period, the Governing Council which has once issued the announcement has provided that the person who has won the announcement becomes the previous General Manager, according to the Great and General Council. Passage – trial and approval period – foreseen by Condir in the announcement, but which would not be required by the statute of BCSM.
The result is that, formally, Dr. Vivoli is still not Director General, but is acting. Now, what is his freedom of maneuver or planning in this capacity, perspectives on which he is asked to report to the Commission, should be clarified. Formal issues, but which become substantial when a Director appointed, but not yet in full office, is called to report on his own planning on which he does not yet have, one could say, “full powers”. Planning that will then be substantiated in the future six years of office once the approval of the Council is obtained.
Now, maybe the audition can be done anyway – among other things, Dr. Vivoli has already been an auditor several times as a member of the Supervisory Coordination – but it is plausible that as Deputy Director acting he may be “unbalanced” and cannot exercise full, as it seems to have understood the Directors would like, their own perspectives and planning for BCSM in relations with the outside world, this is because he is not yet in the full capacity of his powers as Director General.
ArcticI take it from The information of San Marino published in full after 11 pm