Generali, Donnet: "The Caltagirone plan? Puts dividends at risk"

Generali, Donnet: “I will get my third term with a realistic strategy”

Philippe Donnet hunts for the third consecutive term as CEO Of General. But this time the race for the chair appears more uncertain than ever due to the ambitions of Caltagirone who wants to put Luciano Cirinà in its place. The two industrial plans will compete in the assembly. Meanwhile, the first skirmishes are already being recorded, according to an indiscretion of the newspaper The small. They would not have been invited to the inauguration ceremony of the historic headquarters of the Procuratie Vecchie in Venice own Caltagirone And Of the Old Man. “On General – Donnet explains to Repubblica – there is not a war, but an attempt by a few to take control minority shareholders. In the assembly two visions they will confront: that of the board of directors and the vision autocratic of some minority shareholders. Caltagirone on the board to give a hard time? It would not be new: I have brought home two strategic plans and I plan to do one third time“.

“In the meantime, – continues Donnet to Repubblica – the plan of Cirinà And Claudio Costamagna more than a strategic plan it is a set of slides made by consultants who on the one hand reflect the obsessions (as on acquisitions) more than of the ideason the other hand they confuse ambition and risk. . They are not more ambitious numbers than our plan: they are alone more riskyand without remunerating the shareholders more, on the contrary, by putting dividends at risk which instead our plan foresees in constant growth. I consider it very dangerous, also in light of the macro deterioration, with a war that is unknown how long it will last, more inflation and less growth. In this context, offering shareholders a much higher risk with the same remuneration it makes no financial sense. It also applies to the acquisitions to do in debtafter the Generali 2018-21 plan has it reducedwith the full approval of the board of directors “.