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HomeInsuranceMain activist shareholder stepping down from Generali board

Main activist shareholder stepping down from Generali board

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On the AGM, 10 members of the brand new Generali board had been chosen from the bulk checklist, whereas Caltagirone, Marina Brogi, and Flavio Cattaneo emerged from the primary minority checklist. On Could 12, when the board committees had 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 response to Generali, that remit, in a proposal into account, would have been beneath the oversight of the complete board.

“The board of administrators have instructed the appointments and governance committee to organize a proposal in gentle of the request, contemplating market greatest apply,” acknowledged 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 totally adjust to the necessities of excellent standing, professionalism, and independence set by the Italian legal guidelines for insurance coverage corporations.”

As of Could 27, Caltagirone holds a 9.95% stake in Generali – whose web consequence within the first quarter of 2022 fell to €727 million from €802 million as a result of impairments on Russian investments – both straight or via corporations associated to him.

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

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