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HomeInsurance Business AmericaMain activist shareholder stepping down from Generali board

Main activist shareholder stepping down from Generali board


On the AGM, 10 members of the brand new Generali board have been chosen from the bulk listing, whereas Caltagirone, Marina Brogi, and Flavio Cattaneo emerged from the primary minority listing. On Might 12, when the board committees have been arrange, the trio renounced being a part of any present committee.

As an alternative, Caltagirone’s camp requested the institution of a board committee for the prior evaluation of strategic transactions. In accordance with Generali, that remit, in a proposal into consideration, would have been underneath the oversight of your entire board.

“The board of administrators have instructed the appointments and governance committee to arrange a proposal in gentle of the request, contemplating market greatest follow,” said the insurer on the time, with no replace on the matter between then and Caltagirone’s resignation.

“The board of administrators additionally ascertained that its members absolutely adjust to the necessities of fine standing, professionalism, and independence set by the Italian legal guidelines for insurance coverage corporations.”

As of Might 27, Caltagirone holds a 9.95% stake in Generali – whose internet end result within the first quarter of 2022 fell to €727 million from €802 million resulting from impairments on Russian investments – both immediately or by corporations associated to him.

No choice has been made but in relation to the director’s substitute on the board.



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