61It is true that the members of the board of directors of an undertaking wholly owned by the State are necessarily appointed by the public authorities, as the State is the company’s sole shareholder. However, in this case, the fact that, at the very least, the initial appointment of the members of SACE’s board of directors was to be made, under a specific legislative provision, in agreement with several important ministries shows the special links between SACE and the public authorities and may constitute an indicator of the involvement of the public authorities in the public undertaking’s activity.
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