Saipem: Corporate governance


Italian engineering company Saipem, 42% owned by Eni, appointed a corporate governance veteran to its board in late July. The new deputy chairman and non-executive director is Piergaetano Marchetti, a lawyer and professor emeritus in commercial law at the University of Milan. “Marchetti is an expert on corporate governance and will bring great depth of expertise,” said Saipem chief executive Umberto Vergine. Saipem is embroiled in a corruption investigation in Algeria and on 30 July announced a Q2 13 net loss of €685m ($911m) and an operating loss of €670m as revenue slipped 36% to €2.10bn.