Factbox-Who’s Who in Generali’s Italian Drama | Investment News


MILAN (Reuters) – Generali shareholders will vote on Friday to choose a chief executive and board.

Philippe Donnet, CEO of the third European insurer since 2016, is seeking a new mandate with the support of the outgoing board of directors of Generali and its reference shareholder Mediobanca.

Donnet’s candidacy is opposed by Italian tycoon Francesco Gaetano Caltagirone, Generali’s second investor, who has proposed former Generali executive Luciano Cirina instead.

Here is a summary of the main stakeholders and their positions:

MEDIOBANCA Milanese bank holds 12.8% of Generali, which has

for a third of its profit. To counter the challenger

investors at the AGM, he obtained a temporary participation of 17.2%

The Italian publisher DE AGOSTINI praised Donnet and should

reconsider his renewal before having finished

sale of its 1.44% stake in Generali.

NORGES Generali shareholders Union Investment and Deka

BANK, CPP and Investment both told Reuters they supported Donnet.

CALPERS, proxy voting records show the Norwegian ruler

Wealth fund SBA Norges Bank, American investors CalPERS and SBA

FLORIDA, Florida, RPC of Canada are also in favour.[L5N2WK2BO]

UNION Swiss Ethos Foundation, bringing together more than 220

INVESTMENT, pension fund, advocated a pro-Donnet vote.

FRANCESCO, a 79-year-old construction and media tycoon, has

GAETANO 9.95% of the capital of Generali, which he gradually increased

CALTAGIRONE in recent years. Before retiring in January,

Caltagirone had been a director of Generali since

2007, also assuming the role of vice-president in 2010. He

will likely have a seat on the board again even if his

Donnet’s eviction attempt fails.

LEONARDO Billionaire founder of the Italian eyewear giant Luxottica

DEL is the third shareholder of Generali with a participation

VECCCHIO of about 8%. Del Vecchio, who is also the greatest

investor in Mediobanca with a stake of nearly 20%, took the side

FONDAZIONE Banking Foundation with a 1.7% stake supports

CRT Caltagirone’s plan for Generali.

BENETTON With 4% of the capital of Generali and close ties with both camps,

FAMILY Benettons is ready to support the rival slate and wants

promote dialogue and cooperation after the AGM.

The CASSA Italian Lawyers Pension Institute is reported in support

FORENSE rebel billionaires with its 1% stake.

INSTITUTIONAL Hold a total of 35% of the insurer. Their general meeting

INVESTOR attendance in recent years has been around 20% but

this year, overall attendance is expected to be significantly

upper. Their vote is generally guided by the

recommendations from key governance advisors

Institutional Shareholder Services (ISS) and Glass

Lewis who both supported Donnet. Fund shareholders

include BlackRock, Fidelity Investments, Vanguard,

Thornburg Investment Management.

A group of 11 institutional investors holding 0.64% of

Generali has filed a separate list, which does not

DISTRIBUTION Small savers composed mainly of wealthy families

SHAREHOLDERS North-eastern Italy holds about 22% of Generali. For

individual shareholders the focus is on the dividend policy,

which Donnet undertook in December to relaunch.

(Reporting by Gianluca Semeraro and Valentina Za; Editing by Kirsten Donovan, Alexander Smith and Keith Weir)

Copyright 2022 Thomson Reuters.


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