Top Stories
Generali’s second-largest shareholder Caltagirone resigns from board
Published by maria gbaf
Posted on January 14, 2022
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by maria gbaf
Posted on January 14, 2022
(Reuters) – Europe’s third-largest insurer Assicurazioni Generali said on Thursday that director Francesco Caltagirone has resigned from the board amid a boardroom fight between top investors regarding the reappointment of Generali CEO Philippe Donnet.
A construction and newspaper magnate, Caltagirone is Generali’s second-biggest investor with an 8.04% stake. He has opposed the reappointment of Donnet, who is backed by Generali’s leading investor Mediobanca and a majority of board members.
Generali said in a statement Caltagirone felt thwarted by the board’s working methods, particularly its handling of a strategic plan, treatment of privileged information and relations with the media and other shareholders.
Generali Group’s Chairman Gabriele Galateri di Genola rejected the reasons given by Caltagirone and said that the company has always conducted its business with absolute transparency and rigorous fairness.
Caltagirone began his offensive in April when he snubbed a general meeting to approve Generali’s results. In September, he struck an accord with Leonardo Del Vecchio, the eyewear billionaire who is the third-largest investor in Generali, to consult on decisions about the company.
Smaller Generali investor CRT later joined the consultation pact which represents a combined stake of more than 16% after Caltagirone and Del Vecchio upped their holdings in recent months.
To counter their influence, Mediobanca has borrowed shares to reach a 17% voting stake. The two fronts will face off at an April general meeting to appoint a new board.
Caltagirone and Del Vecchio are ready to back an alternative CEO candidate and present their own slate of candidates for the board, people close to the matter have told Reuters.
(Reporting by Shivani Tanna and Maria Ponnezhath in Bengaluru and Valentina Za in Italy; Editing by Cynthia Osterman)
(Reuters) – Europe’s third-largest insurer Assicurazioni Generali said on Thursday that director Francesco Caltagirone has resigned from the board amid a boardroom fight between top investors regarding the reappointment of Generali CEO Philippe Donnet.
A construction and newspaper magnate, Caltagirone is Generali’s second-biggest investor with an 8.04% stake. He has opposed the reappointment of Donnet, who is backed by Generali’s leading investor Mediobanca and a majority of board members.
Generali said in a statement Caltagirone felt thwarted by the board’s working methods, particularly its handling of a strategic plan, treatment of privileged information and relations with the media and other shareholders.
Generali Group’s Chairman Gabriele Galateri di Genola rejected the reasons given by Caltagirone and said that the company has always conducted its business with absolute transparency and rigorous fairness.
Caltagirone began his offensive in April when he snubbed a general meeting to approve Generali’s results. In September, he struck an accord with Leonardo Del Vecchio, the eyewear billionaire who is the third-largest investor in Generali, to consult on decisions about the company.
Smaller Generali investor CRT later joined the consultation pact which represents a combined stake of more than 16% after Caltagirone and Del Vecchio upped their holdings in recent months.
To counter their influence, Mediobanca has borrowed shares to reach a 17% voting stake. The two fronts will face off at an April general meeting to appoint a new board.
Caltagirone and Del Vecchio are ready to back an alternative CEO candidate and present their own slate of candidates for the board, people close to the matter have told Reuters.
(Reporting by Shivani Tanna and Maria Ponnezhath in Bengaluru and Valentina Za in Italy; Editing by Cynthia Osterman)