ITALY - Fonchim, the €4.5bn industrywide pension fund for Italy's chemical and pharmaceutical industry workers, has appointed Luciano Scapolo as its new president.
He succeeded Nicola Messina, who is still on the board as a representative of the employers.
Scapolo, director of Fonchim since the fund was launched in 1997, also is the president of the pension fund for employees in the rubber and plastics industry.
A person can be the president of two pension funds simultaneously, as long as they funds do not belong to the same sector, a spokesman for Fonchim explained.
Previously Scapolo was president of Arco (paper and timber workers) and director of Alifond (food sector).
The periodical appointment of a new president is obligatory, the spokesperson added - "at the beginning of Fonchim it was agreed that one period should be covered by a representative of the unions and the next by a representative of the employers. The board consists of seven representatives of each side."
Fonchim has been one of the most successful of the new complementary pension funds at recruiting members despite the slow development of Italian pension funds in general, it was reported earlier this year.