The requirements “fit and proper“for the presidency of Assicurazioni Generali
Who follows the battle of Trieste for the governance from the Generali Insurance ticks the 28 names of potential advisors of the long list of the profiles drawn up by Russell Reynolds to locate who will be the president of the Lion if the list of the outgoing council should be the most voted at the end of April.
L’identikit is that, as far as possible, of one woman (pink share much appreciated by the world of institutional investors who with the 34.75% of the capital in the portfolio are the real needle of the balance in the assembly of the shareholders in Trieste), a external profile (therefore not very popular Diva Moriani, councilor due date on pole until a few weeks ago for the role) to underline its independence and thus neutralize the accusations of heterodirection and continuity by the pattisti.
But above all, after the transposition In the 2019 from the second European directive on Shareholders Rights which changed the Insurance Code, the president must have the requirements ad hoc from “fit and proper“. What are? The president of theIvass Luigi Federico Signorini in its Annual report on the activity of the institution that supervises the policy market.
“In coherence with the new banking regulations of fit and proper, also the primary rules applicable to company representatives and control functions in insurance companies – said Signorini – now require, alongside traditional objective and mandatory requirements (professionalism, integrity and independence), competence assessments And correctness and of sufficient time availability“.
“The first – he added – constitute minimum conditions to be met in order to be able to fill the offices in question, valid for all companies, the lack of which determines theineligibility or the forfeiture from the assignment; the latter are further aspects to be considered in the verification of eligibility“. Basically, as explained by ad Affaritaliani.it a source inside the Lion and that tries to trace the characteristics of the professionalism that serves the company in the role of president, the candidate, in Full-time generals, must have experience in the policy sector, own a international profile and enjoy one standing towards the market and of stakeholders.
The skimming of the profiles will be up to to February 14 to the nomination committee who will draw up a guidance opinion, also verifying the actual ones willingness of candidates to take up the position. Opinion on the basis of which the board of directors then, let Generali know, will draw up one short list about 19 names to arrive to March 14 with the official list of the outgoing council. It is based on this identikit that it will be necessary to try to find among the 28 names identified by the headhunters, that of the potential successor of Gabriele Galateri. Del Vecchio and Caltagirone permitting.
Consob’s green light to the board list procedure
Meanwhile, Consob has confirmed the legitimacy of the presentation by the Board of Directors of the list for the renewal of the board itself. L’Authority chaired by Paolo Savona, which liquidated the episode of tweet yesterday as a “joke”, published the final version of the call for attention to the file of the Board of Directors with few changes compared to the first version, including comments on the transparency before the meeting It is on role of independent directors.
The pronunciation of theauthority puts a point at the quarrels that sees hero on the one hand, the Board of Directors of Generali, which with the support of Mediobanca And De Agostini (outgoing but with voting rights retained in April relating to 1.44% of the capital) and on the other and its second largest shareholder, Caltagirone, which together with Del Vecchio and Crt Foundation, called into question Consob (in September), putting forward the objection that by presenting the list of the outgoing board “the command structure is self-perpetuating”.
The adjustments were made taking into account the responses received at the public consultation, closed before Christmas, by Abi, Ania, Assogestioni, Assonime, Assosim, the Financial research center on corporate governance of the Catholic University of the Sacred Heart, Glass Lewis, Nedcommunity, and some professionals. Sources of the Caltagirone-Del Vecchio-Foundation Crt pact they do know that yet there wasn’t by theauthority driven by Savona no answer to specific questions raised by the former vice president of Generali, but that it was only the general outlines of the public consultation held in December.
It is also difficult to understand in particular the possible position of Consob on the second question I specify that the patron of the Messenger had presented namely the one on legitimacy of the securities lending (closed) of Mediobanca on the 4.42% of the share capital of Generali, with which Piazzetta Cuccia will be able to express itself at the meeting with the 17.22% of voting rights.
Finally, according to what the Reuters, L’Indian antitrust has given its green light to increase the stake held by Leone in Future Generali Life Insurance Company about 71% from 49%.
@andreadeugeni
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