The shortlist for the new Generali board is now ready, as the name of President Gabriele Galateri will not even appear as director. In a personal communication, read to “colleagues, before discussing the definition of the board’s slate,” Galtteri, after considering his stay at the head of Assad – 11 years as president and another 7 years as vice president – announced his exit from the board “in complete calm and unity of purpose.”
The decision is based on the final loss of the independence clause, which the Listed Companies Self-Discipline Act provides for directors in 9 years.
Moreover, given international best practices for listed companies with extensive capital, having a group like Generali with a non-independent chairman would be at least inappropriate.
Added to this is the ongoing dispute over the ownership of the company, which has led to the resignations of Francesco Gaetano Caltagironi, Romulo Bardeen and Sabrina Pucci. The board, which has been reduced from 13 to 10 members, will be reinstated at next week’s meeting by selecting three profiles who will then be nominees on the final list that will be brought to the meeting on April 29. If a list of 13 or more members is selected at the Board meeting on the budget scheduled for 14 March, it will depend on the guiding opinion that the Board will always express during the meeting at the table which, in essence, is a qualitative-quantitative profile of the names of the Board of Directors next one.
As for the high-level band of those who have already indicated a willingness to step up, it is 15-20 names, or 30% more than the 13-17 members expected of the board of directors by law.
In addition to CEO Philippe Dunnett, who was challenged by Caltagirone and shareholders under the agreement, which is still made up of Delfin from Leonardo Del Vecchio and the Crt Foundation, the current directors willing to continue for another three years are Clemente Rebecchini (Mediobanca), Diva Moriani, Antonella Mi- Bechtler and Ines Mazelli (elected to the Assogestioni list). Less certain is Lorenzo Pellicioli (De’ Agostini). There will be no Alberta Figari which, like Galateri, has lost the independence clause. So there are at least seven new names that will be put on the list.
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