Generali’s No.2 investor quits board citing contribution and control reasons

Written by Adam Cadle

14/01/2022

Generali’s second largest investor, Francesco Gaetano Caltagirone, has resigned from the board citing that he was “prevented from making his own critical contribution and from ensuring adequate control”.

Caltagirone’s statement refers to the working methods of the board of directors and, in particular, the presentation and approval of the strategic plan; the procedure for the presentation of a lost by the board; the approach to the application of the legislation on privileged information; and the approach towards media relations and large shareholders.

As of yesterday, Caltagirone, directly or through companies related to him, held a stake of the share capital Assicurazioni Generali S.p.A. equal to 8.04%.

Gabriele Galateri di Genola, chairman of the Generali Group, said: “I express deep regret and surprise for the decision taken by Caltagirone. The reasons given can only be categorically rejected as the company has always conducted its business according to criteria of absolute transparency and rigorous fairness, also in relation to the work for the presentation of a list for the renewal of the board, of which it has continuously informed the supervisory authorities. The aforementioned principles were adhered to in relations with all the directors, without exception and on every occasion.”

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