Philippe Donnet and Andrea Sironi win the first round and remain, respectively, CEO and Chairman of Generali. The shareholders' meeting of the Lion, called to elect the company's top management, gave the victory for the Mediobanca list with 52,383% of the capital present, equal to 35,28% of the share capital. Caltagirone's list instead stopped at 36,8% of the capital present (25% of the share capital), while Assogestioni's list is at 3,67%. 7% of the capital present abstained, including Edition of the Benetton family (at 4,8%). Theaffluence is equal to 68,818% of the share capital, slightly below forecasts. Green light from the shareholders, with approximately 90% of the votes in favor also for the 2024 budget and the distribution of the dividend equal to 1,43 euros per share. Caltagirone abstained on both votes.
Donnet is therefore preparing to face his fourth term at the helm of the Lion in a board composed of 13 councilors: 10 from Mediobanca, 3 from Caltagirone. Assogestioni, not having reached the quorum, will remain outside the board of directors. Three years ago, when the board of directors' list and that of Caltagirone clashed and participation was 70,7%, the former won with 55,9% of the preferences, while the list of the Roman real estate developer won 41,7% of the votes, always bringing home three directors (1,93% for Assogestioni). In addition to the president Sironi and the CEO Donnet, the new board of directors of the Lion will therefore be composed of Clemente Rebecchini, Luisa Torchia, Lorenzo Pellicioli, Clara Hedwig Frances Furse, Antonella Mei-Pochtler, Patricia Estany Puig, Umberto Malesci, Alessia Falsarone. For the Caltagirone list, Flavio Cattaneo and Marina Brogi were confirmed, while the CEO of Acea will enter the board, Fabrizio Palermo.
The decisive factors for the victory of the Mediobanca list were the institutional votes, with the big funds all in favor of the Donnet-Sironi duo. With the Caltagirone list (6,82%) were instead lined up Delfin (9,9%), Fondazione Crt (2%) and, the big surprise of the day, Unicredit, which rose to 6,7% of the capital.
Donnet: “Today the company won, Generali won”
"Today the company won, Generali won: the market expressed itself clearly and with great unanimity. It was a choice of vision for the future of the group, either as a public company or controlled by a couple of partners,” Generali CEO Philippe Donnet told reporters at the end of the meeting.
Donnet did not want to express his opinion on the choice of Unicredit to vote for the Caltagirone list (“I do not comment on the votes of individual shareholders”, he stated). Furthermore, when asked whether the outcome of the meeting could also be interpreted as an referendum on the joint venture project with Natixis, criticized by shareholders Caltagirone and Delfin, clarified: "It was not a referendum on Natixis, if it had been we would have won it". But is Donnet confident about the success of the operation with the French? "As CEO of Generali I am always confident, we will take the necessary time to explain it with great transparency".
Answering a question about relationships with Mediobanca, the first shareholder of the Lion with 13%, the CEO said: "We have good relations with all the institutional shareholders who want the good of the company". Finally, on the future effects of theOps by Mps on Piazzeta Cuccia: “Today we are satisfied with the outcome of the meeting, we will see things one day at a time”.
