Generali, shareholders confirm Donnet at the helm

After approving the financial statements with 89.9% of the capital present, and establishing that the board of directors will be composed of 13 members (99.8% of the votes), Generali's shareholders chose the Mediobanca slate for the renewal of the board of directors with 52.38% of the capital present (thus garnering the support of the funds at the meeting), while the Caltagirone slate received 36.8% and Assogestioni 3.67%, with 7% abstaining. Chairman Andrea Sironi and CEO Philippe Donnet are therefore confirmed, and the latter is visibly satisfied with the outcome, to the point of remarking that 'the shareholders have expressed themselves clearly in favour of continuity in governance and management', that if it had been a referendum on Natixis, the Lion 'would have won', and that the market, with its vote, has sanctioned the 'victory of the public company model'. At this point, the new board of directors will be composed of 10 candidates to be drawn from Piazzetta Cuccia's list and the first three on the list deposited by the Caltagirone group. In particular, in addition to Donnet and Sironi, Clemente Rebecchini, Luisa Torchia, Lorenzo Pellicioli, Clara Hedwig Frances Furse, Antonella Mei-Pochtler, Patricia Estany Puig, Umberto Malesci, Alessia Falsarone, Flavio Cattaneo, Marina Brogi and Fabrizio Palermo will sit on the board. At the previous shareholders' meeting, the one held in 2022, the management list had taken about 39.54% of the share capital, this time a little more than 36%, a 4% decrease substantially linked to the securities loan that the institute led by Alberto Nagel had subscribed to at the time.

A total of 68.81% of the share capital had been deposited at the start of the proceedings. Significant shareholders included Mediobanca at 13.04%, Delfin at 9.93%, the Caltagirone group at 6.82%, Unicredit at 6.51% and the Benetton group at 4.83%.

As for the renewal of posts, as mentioned, there were three lists in the field, the majority list presented by Mediobanca, which aims at Philippe Donnet's reconfirmation as CEO, and the minority lists of the Caltagirone group and Assogestioni.

In this regard, the Benetton family, owner of 4.83% of the insurance group, decided to abstain on the issue of board renewal.

In contrast, UniCredit and Fondazione Crt supported the candidates of the Caltagirone group. The institution matured this decision not with a logic of opposition but with constructive intent. It would essentially be an invitation to reopen discussion among the relevant shareholders, at a time when certain decisions, by their nature and impact, deserve, in the Foundation's opinion, a broader level of agreement. In this way, the organisation would not aim to question the work of the management, whose results and management it appreciates, but rather would like to emphasise the importance of greater involvement in strategic decisions, especially when they affect the company's future positioning.