The list presented by the outgoing Board of Directors and headed by the CEO Philippe Donnet received the majority of the capital present at the Generali meeting (55,992%). The second list, presented by Caltagirone, obtained 41,730%, while the list presented by Assogestioni did not reach the quorum with a percentage of 1,929%.
The proposal of the outgoing board of directors concerning the number of 57,715 members of the board for the three-year period 13-2022-23 was also approved with a majority of 24%. The majority list will have 10 representatives, 3 will go to the Caltagirone list.
Record turnout at the Generali Assicurazioni shareholders' meeting, which was still held remotely today due to the Covid-19 pandemic: precisely the record turnout favored the clear affirmation of the list led by Donnet who will remain at the helm of the Lone also for the next three years.
The capital represented and admitted to the voting procedures is over 70,7% with the capital present which has broken through the 70% quota (a year ago it stopped at 51,5%), settling to be precise at 70,7 %.
Galateri and Donnet at the General meeting: the Board will have 13 members
The president was personally present at the meeting Gabriele Galateri of Genola, the Group CEO Philippe Donnet, the Group CFO Christian Borean and the secretary of the Board of Directors Joseph Catalano. “I would have liked to meet you in person, we hope to be able to resume from next year – said the president Gabriele Galateri di Genola at the opening of the meeting – Today is an important day, we will decide on the renewal of the Board of Directors and the future of Generali. 70% participation, compared to an average of 55-56%, is an important testimony of the active participation in the life of the company”.
From the reading of the shareholders with more than 3% of the capital, the group of Leonardo DelVecchio is 9,82% of Generali while i Benetton own 4,75% of the company. Caltagirone has 9,95% of Leo and Mediobanca the 17,19%.
"And with this extraordinary year, and with these extraordinary results, my mandate as Chairman of Assicurazioni Generali comes to an end. I had the honor of covering this role for 11 years, with the responsibility and, let me tell you, the emotion, of adding my name alongside to that of other presidents such as Edgardo Morpurgo, Cesare Merzagora, Enrico Randone, Alfonso Desiata”, said Galateri, president since 8 April 2011 (reconfirmed in May 2019).
Speaking of the company, Galateri stated: “I have seen it grow in Italy and abroad, increasingly representing a pillar of the national and international financial system. For this reason I want to thank the board of directors, the management and all our colleagues and colleagues around the world, for the work done together in these years of important goals, under the banner of the Lion of San Marco which holds in its paws a open book with the motto “Pax Tibi Marce Evangelista Meus”, a symbol of prosperity and peace to which our work as insurers, especially today, is intrinsically linked”.
Philippe Donnet and Cristiano Borean again showed the 2021 accounts of the Company which showed record figures. Starting with the operating result which saw an increase of 12,4% to 5,9 billion euro, with a net profit growing by 45,1% to 2,8 billion. Total gross premiums reached 76 billion, up 6,4%, with the non-life business seeing an increase of 7% to 24 billion and the life business up to 51 billion (+6%).
The projects for the period 2021-2024 were presented with the prospect of earnings per share of 6-8% and cash generation over the period of 8,5 billion, with growing dividends.
“The success of the list presented by the outgoing board of directors would ensure further strengthening and solidity of the company from an operational, financial and managerial point of view, particularly important elements in light of the enormously complex historical phase we are experiencing” said the CEO of Generali Philippe Donnet in assembly. “The shareholders' meeting represents a fundamental moment in the life of your company, and I think this is even more true, if possible, this year – he observed at the beginning of his speech -. Today, in fact, you are called to vote for the renewal of our board of directors. For the first time in our long history, one of the lists was presented by the outgoing board. A list that aims to represent all shareholders and bring Generali closer to the best governance practices of large international companies, suitable for a public company projected into a truly sustainable future: a future that also takes into account the great changes that the pandemic and geopolitical scenarios will bring ». "The list presented by the outgoing board includes professionals of the highest quality, with a candidate for president, Andrea Sironi, who is independent and has extensive international experience," he added. "Management - commented Donnet after the vote - welcomes the outcome of the vote, which confirmed confidence in our plan, which offers a clear vision of the Group to 2024 and will create value for all stakeholders".
Go ahead with the budget
The Generali meeting approved the financial statements with 85,021% of the share capital, 0,06% against, 14,7% abstentions. The yes to the dividend came instead from 98,93% of the capital, 0,4% against and only 0,48% abstentions. The outcome of the vote was announced by the chairman Gabriele Galateri during the meeting.
“In a context still characterized by the persistence of the pandemic, in 2021 Generali confirmed excellent technical and operational profitability; an extremely solid capital position supported by the positive normalized generation of capital and the favorable impact of financial market trends; growing dividends in line with the target.
These results have allowed the Group to successfully conclude the “Generali 2021” strategic plan and represent a solid foundation for the 'Lifetime Partner 24: Driving Growth' strategy, focused on sustainable growth, further improving earnings quality and creating value for all stakeholders”. summed up the CFO of Generali, Cristiano Borean. “As already anticipated, the dividend that we bring to your approval is 1 euro and 7 cents per share (+5,9%) with a maximum total disbursement of 1 billion 691 million” recalled Borean.
Employee share plan approved almost unanimously
The shareholders' meeting approved the share plan for employees with a monster stake of 98,829% "to consolidate the sense of belonging", with the relative purchase of treasury shares to service the plan at favorable conditions for a period of 2 years starting from next October.
The new BoD: the composition
The new Board of Generali is made up of 10 members of the majority list presented by the outgoing Board and represented by Andrea Sironi (Chairman), Philippe Donnet (CEO), Clemente Rebecchini, Diva Moriani, Luisa Torchia, Alessia Falsarone, Lorenzo Pelliccioli, Clara Furse , Umberto Malesci and Antonella Mei-Pochtler. For the Caltagirone list, however, Francesco Gaetano Caltagirone, Marina Brogi and Flavio Cattaneo enter the Board of Directors.
