A particular meeting, in audio streaming connection and without interventions by the shareholders, who by proxy were only able to vote on the items on the agenda, including the expected yes to the dividend which Generali wanted to confirm, though distributing it in two stages (one in May, the other not before October), in compliance with the recommendations of the regulators. For the first time in its history, due to the coronavirus emergency, Generali does not gather its shareholders in Trieste, but via web connection from Turin: "It is an unprecedented historical moment - said the CEO Philippe Donnet, opening the virtual session -, but Generali faces it in a position of strength and solidity. We were keen to pay our shareholders a dividend of 96 cents per share, up 6,7%”.
The growing dividend is a bonus to the 2019 financial year, whose excellent results (historic record operating result at 5,2 billion and profit +15%) were also recalled by the chairman, Gabriele Galateri di Genola: “The 2019 results were very good. The Life business has been struggling due to low rates, but we have very solid liquidity and are able to think boldly about new challenges”. The president of Leone enumerated the forecasts on the crisis that awaits us: "The world GDP in 2020 will drop by 3%, the European one by 7%, the Italian one according to the IMF forecasts by 10%, double what it had lost in 2009" . Opening the works, Galateri also counted those present: 57,59% of the share capital is represented by proxy in today's meeting, with all the major shareholders (Mediobanca, Caltagirone, Del Vecchio) present at the appeal.
"We have already answered the questions sent to us in recent weeks and published them on our website on 25 April", added Galateri, implying that in this session we will just vote, on various items on the agenda including whose balance sheet and dividend, and management remuneration, which according to what has already been communicated, the fixed salary has been cut by 20% until the end of the year. However, this was not the only commitment of the insurance group on the health emergency front, as Donnet was keen to recall: "We have set up an extraordinary fund with endowments of up to 100 million, of which 14 have already been disbursed to the Italian Civil Protection for the production of masks. I proudly add that Generali employees also contributed to this fund, 90% of whom ensured full business continuity by working remotely".
“Generali also gave a prompt response in theoffer of policies and services linked to the coronavirus, for people, families and businesses", added the French manager, then intervening on the strategic plan, which will be completed in 2021 but which has already achieved some results in advance, “such as reducing the amount and cost of debt. On some aspects, our plan has also anticipated the changes that will be brought about by the crisis, I am thinking above all of the necessary digital transformation".
Finally, the shareholders' meeting also approved the statutory amendments relating to governance of the company which envisage the attribution to the outgoing board of directors of the right to present its own list for renewal.
