Generals, battle air: Caltagirone and Delfin desert the assembly
Delfin, the company owned by Leonardo Del Vecchio's family, and the Caltagirone group missed the Generali meeting. The two main owners did not present the shares and therefore did not participate in the votes on the topics on the agenda – largely ordinary matters, from the balance sheet with a net profit of 1.4 billion euros to the dividend of 1.28 euros , up to the 500 million buyback – which were approved with large majorities, through a representative, by the majority of 49.7% of the capital present. This is what Nordest Economia reports.
Last year, after the 2022 fight for the renewal of Generali's board of directors, Delfin and Caltagirone participated in the assembly of the insurance group led by Philippe Donnet where 63.2% of the capital participated. At the appointment, which due to the anti-covid regulations still in force is still held behind closed doors but with the possibility of following the first part of the proceedings via streaming, from the social reports made by the president of Generali, Andrea Sironi, the shares of the main shareholders have remained practically stable. Mediobanca remains the largest shareholder with 13.1%, followed by Francesco Milleri's Luxembourg holding company with 9.9% and the Caltagirone group with 6.19%. The Benettons remain at 4.8%, while the Crt Foundation participated in the meeting with a share that rose from 1.6% last year to 1.92%, following the path towards 2% traced by Fabrizio Palenzona, former president of the Turin institution. The absence of the two largest private shareholders is not a good sign for the current management of Generali, whose mandate expires in a year along with the entire board. President Andrea Sironi underlined that his first two years as president were “very challenging”.
He also added that the recent acquisitions of Liberty Seguros and Conning “were also made possible thanks to a renewed spirit of collaboration within the board, a shared vision between the board and management and a strong cohesion in pursuing the group's objectives”. CEO Donnet defended the results obtained so far and the generous remuneration to shareholders with 5.5 billion distributed over the three years of the plan which ends at the end of 2023.
“Our focus, both mine and that of the entire top management, is increasingly focused on defining the strategy for the period 2025-2027”, declared the French manager who will present the new plan on January 30: “it will once again be very ambitious and long-term oriented”. Given the disapproval of Delfin and Caltagirone towards Donnet, his new mandate at the helm of Generali cannot be taken for granted. To complicate the situation, the Capital Bill was added with the restrictions placed on the list of the board of directors. “We must overcome those deviations from international best practices: I am thinking of the substantial disincentive to the possibility for an outgoing board to formulate proposals to the shareholders' meeting for the future board,” Sironi declared in this regard.
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