Francesco Gaetano Caltagirone, major shareholder of Generali with a share of 8%, he resigned from the positions of director and vice president of the group. In the letter in which he informs the company of the decision, sent late yesterday evening, the Roman entrepreneur accuses the Board of the Lion to have it "clearly opposed, and prevented from making his own critical contribution and from ensuring adequate control” over management.
Generali specified in a press release that Caltagirone referred to the way in which the board of directors works and in particular “to the presentation and approval of the strategic plan; the procedure for the presentation of a list by the Board; the methods of application of the legislation on privileged information; to the information on relations with the media and with significant shareholders, even if they hold shareholdings below the materiality thresholds”.
Caltagirone's resignation comes later months of controversy between Mediobanca, the largest shareholder of Generali with 17,22% between own and borrowed securities, the Board of Directors of the company itself and the private shareholders. The latter include, together with Caltagirone, also Leonardo Del Vecchio and the Crt Foundation, signed since the end of autumn in a consultation pact which has risen to 16% of the capital and which - in view of the meeting at the end of April 2022, in which renewed the top management of Generali – would like to propose different names and strategies.
It opposes this project the board of directors of the Lion, which will present its own list for the renewal, still led by CEO Philippe Donnet, in office since 2016.
Meanwhile, the chairman of Generali, Gabriele Galateri of Genola, rejects the accusations of Caltagirone: "I express my deep regret and surprise at the decision taken by Cavalier Caltagirone - reads the note - The reasons given can only be categorically rejected, as the company has always conducted its business according to criteria of absolute transparency and rigorous correctness, also in relation to works for the presentation of a list for the renewal of the board, of which it has constantly informed the supervisory authorities. The aforementioned principles have been observed in relations with all directors, without exception and on every occasion".
