Before theIvass and then the Consob: the two Authorities want to clarify the suddenness defenestration of CEO Alberto Minali at the top of Cattolica Insurance and they summoned him to Rome for one double audition between Thursday and Friday of this week.
The two financial authorities they do not consider the note with which the board of Cattolica Assicurazioni suddenly took away his powers from him sufficient operations, explaining that differences had arisen, despite Minali having presented the best financial statements of the last 10 years and despite having been able to attract international investors the likes of Warren Buffett.
Beyond personal jealousies, the focal point seemed to be the hypothetical transformation of the cooperative into a spa, in line with the governance of all the other companies that have freely decided to list on the Stock Exchange, but Minali has always denied having maneuvered to get to the spa, which among other things would have needed a shareholders' vote, where – as in all cooperative companies – each person votes, regardless of the amount of share ownership.
Minali's successor at the helm of Cattolica, Charles Ferrara, he assured that the company will not switch lines and will continue to implement the recovery plan prepared by Minali, but this does not seem to be enough for the two Authorities, which they could issue a recommendation to Parliament and the Government because, in the wake of what has been achieved in the reform of the cooperative banks, steps are taken to align the governance of insurance companies with the other stock exchange companies, which are still cooperatives but which, as in the case of Cattolica, have autonomously decided to turn to the capital market or even to be listed on the Stock Exchange.
Maybe it's just looking to the future that the Norges Bank, one of the most important institutional investors in the world, has decided to increase its shareholding in Cattolica by climbing over 3%.
