Caltagirone: 'Natixis deal dismantles Generali, look to Italian partners'
The entrepreneur, a shareholder with more than 7%, breaks his silence a few days before the Lion meeting: 'We seek concord not ungovernability. The list is long enough" to block the agreement with the transalpines
3' min read
3' min read
n 24 April, the Generali shareholders' meeting is scheduled to take place. As in 2022, a new clash between lists is looming, on the one hand the majority list presented by Mediobanca, which aims to confirm the current top management structure, chairman Andrea Sironi and CEO Philippe Donnet (in office since 2016), and on the other hand the minority list, presented by the Caltagirone group. Compared to three years ago, however, there is not exclusively a governance issue on the table. Rather, it is a highly strategic issue that will have a major impact on the future of the Leone: the partnership with the French Natixis in asset management. And it is precisely this aspect that Francesco Gaetano Caltagirone, a shareholder with just over 7% in Trieste, wanted to focus on in this interview with Il Sole 24 Ore. He sets out, a few days before the meeting, his ideas on the alliance with the transalpines. For the entrepreneur, the axis with Natixis has no economic advantages, rather it will 'dismantle' Generali. Secondly, then, if the group really felt it was essential to enter into an asset management agreement, why not seek 'an Italian partner'?
In the background there are also two messages on the governance issue. On the one hand, the fact that the Caltagirone group is not seeking 'ungovernability' for Generali, but rather 'concord between everyone', shareholders and investors. On the other, a judgement on those who work in the group: 'Generali has internal resources of great value'.
This is a lie put about by those who are interested. All dictatorships are based on the same concept. I see no reason why a board that would represent all shareholders should not find common ground to work in the interests of the company and all shareholders. Within Generali there are executives who are true talents who can do any task very well. Concord is good, arrogance is bad.
You are against the Natixis project, what will happen?
The list presented is a minority one and does not suggest names for the company's governance, but it is long enough to ask the shareholders to block the ill-fated Natixis project.
Why is he so negative about the alliance with the French in asset management?
Not me, all reasonable people are concerned. It is difficult in a few words to give an explanation: I will try to set out a few main arguments. First of all, there is no valid economic, I stress economic, reason for doing the operation. Cui prodest? Moreover, in order not to duplicate costs, whatever those involved may say, an organisation that has worked up to now, built up over almost two centuries, must be dismantled. This will be irreversible. It will be impossible to exercise effective selection and control over investments and profitability expectations. Worst of all, risk control will be weakened. Let me remind you that the masses of money belong to the policyholders, not to Generali. Not to mention the actual policy direction of investments, and I stress actual. The choices of a colossus like Generali also have a significant social effect. I would also prefer to gloss over why, two months before the renewal, they wanted to force the situation against an important part of the board and against the opinion of the chairman of the board of auditors. Finally, I do not understand why the management has not tried to make joint projects with Italian partners.
