The Generali board of directors takes sides for the continuity of the top management and asks the shareholders to maintain the virtuous balance of the board which has allowed the company to hit the targets it had set itself and to launch a demanding business plan. It is obviously not a list of candidates, which the Articles of Association reserve for shareholders to present, but the document approved in recent days by the Leone board of directors in line with the self-regulatory code has a value that is not simply formal and, in essence, recommends to the shareholders themselves to ensure continuity of management. Which means confirming the CEO Philippe Donnet, which is an obvious choice, but also the president Gabriele Galateri di Genola, who until a few weeks ago seems oriented to move in Tim's direction.
"The level of experience and professional skills found in the composition of the board currently in office - says the document approved by the board - appears adequate with respect to the strategy and activity of the company and the group: its continuity therefore appears important for there 'commitment required for the implementation of the new strategic plan, approved during this mandate” and illustrated in Milan last November by Philippe Donnet and his entire team.
The number of Generali board members (13) is also considered adequate, as is the balance between executive, non-executive and independent directors. If anything, if one wanted to innovate something, the board of directors would not mind the arrival of some advisers with strong IT skills in consideration of the commitment to a more boosted digitization envisaged by the new strategic plan.
Now it will be up to the shareholders to decide in view of the spring general meeting but, if we take into account the fact that all the main shareholders are already represented on the board today - from Mediobanca to Caltagirore and from Del Vecchio to De Agostini - the pronouncement of the outgoing board it is in itself illuminating and has a very good chance of being fully accepted.
