Green light to the procedures that will lead to the presentation for the spring 2022 meeting of a list of candidates for the next Generali board prepared by the outgoing board of directors, but the divisions remain at the top of the first Italian insurance company. After a five-hour discussion, Generali's board of directors voted by a majority (9 in favor and 4 against) to initiate the procedures which, for the first time, will also bring Mediobanca's governance model to the Trieste-based company, i.e. the presentation to the meeting of a list for the renewal of top management prepared by the outgoing board of directors and not by the shareholders. It goes without saying that the private shareholders of the shareholders' agreement, led by the vice president Francesco Gaetano Caltagirone, opposed the board's list and will continue to do so without renouncing to round up their shares. The pact of private shareholders disputes the method, which in their opinion would give too much weight to Mediobanca with the list of the board of directors, and the merit of the choices for the renewal of the positions because they would like to replace the current CEO Philippe Donnet as the head of the company.
In the last few days Leonardo Del Vecchio, who is part of the pact that opposes not only the list of the board but above all the confirmation of the CEO Philippe Donnet, has bought another 0,03% of shares, so that the pact holders rise to 12,56% of the company's capital against 17,2% of Mediobanca which increased its voting rights through a derivative purchased on the market and paid dearly but which now gives it an advantage in defending its role in Generali in the face of objections from shareholders rebels.
If the proposal of the new board presented by the outgoing board passes definitively and that is, in essence, if Mediobanca prevails, Philippe Donnet will remain at the helm of Generali for another three years and it is possible that the chairman Gabriele Galateri will also remain. But the games are more open than ever and everything suggests that, barring an agreement in extremis between the two fronts, the count will go to the assembly in which the vote of institutional funds and international funds will be decisive, which represent around 40% of the capital and which are the true tip of the balance.
The market remains the interested spectator of the battle and it is no coincidence that the Generali stock continues to rise (yesterday +1,6%) and has gained 30% since the beginning of the year, making it the best European stock in the sector, ahead of giants Axa, Allianz and Zurich.
