On April 24, 2025, shareholders of Generali convened in Trieste for a pivotal assembly that resulted in a significant governance shift. The meeting saw the endorsement of Mediobanca's list, which secured 52.38% of the votes, thus confirming Philippe Donnet as CEO and Andrea Sironi as President for another three-year term. This decision highlights a clear preference among shareholders for continuity and stability in the company's management.
The assembly was marked by a substantial turnout, with 68.77% of the share capital represented. Mediobanca, the largest shareholder with a stake of 13.04%, dominated the voting process, while the Caltagirone group, holding 6.82%, garnered 36.8% of the votes, resulting in three board seats. In contrast, Assogestioni's proposal failed to reach the necessary quorum, receiving only 3.67% of the votes.
During the assembly, Donnet expressed gratitude towards the shareholders, stating, "Today you have expressed yourselves clearly in favor of the continuity of governance and the stability of management. You have backed the strategy we are successfully implementing, and my team is already working to deliver great results that guarantee your remuneration." His remarks underscored the shareholders' commitment to an independent and internationally focused Generali.
The voting results indicated a decisive preference for the Mediobanca-led governance model, reflecting a broader consensus among institutional investors. The assembly's outcome is reminiscent of the previous year's meeting, where a similar majority supported the existing management team. This year, however, the gap between Mediobanca and Caltagirone was notably narrower, with the latter's support bolstered by key alliances, including a 6.5% backing from Unicredit.
Unicredit's involvement has shifted from being merely a financial stakeholder to a more active participant in Generali's governance. Their decision to support Caltagirone's list indicates a strategic move to influence the company's direction, particularly concerning the controversial partnership with Natixis, which has drawn criticism from various quarters.
Sironi, acknowledging the significant turnout, highlighted the importance of shareholder engagement in shaping Generali's future. He stated, "Every decision of this board has always been approached through dialogue and constructive confrontation, in the exclusive interest of the company and all its stakeholders." His comments reflect a commitment to transparency and collaboration among shareholders.
As part of the assembly, shareholders also approved the 2024 financial statements with an overwhelming majority of 89.9%. This approval included a dividend distribution of 1.43 euros per share, further emphasizing Generali's strong financial performance and commitment to returning value to its investors.
In the new board, alongside Donnet and Sironi, Mediobanca's candidates include Clemente Rebecchini, Luisa Torchia, Lorenzo Pellicioli, Clara Hedwig Frances Furse, Antonella Mei-Pochtler, Patricia Estany Puig, Umberto Malesci, and Alessia Falsarone. Caltagirone's representatives will be Flavio Cattaneo, Marina Brogi, and Fabrizio Palermo. This composition reflects a blend of continuity and new perspectives, aimed at navigating the challenges ahead.
Donnet's reaffirmation as CEO comes at a critical time as the company faces various external pressures, including geopolitical uncertainties and the ongoing impacts of global economic shifts. He reassured shareholders that Generali is positioned to navigate these challenges effectively, stating, "Our diversified portfolio allows us to navigate this uncertainty from a position of strength. We confirm our financial objectives and will monitor the situation closely."
The assembly concluded with a strong message of unity and forward-thinking, as Donnet reiterated his commitment to driving Generali's strategic vision. He expressed enthusiasm for continuing to lead the company, stating, "I would be honored to continue supervising the execution of the plan in the coming triennium, with maximum enthusiasm and ambition."
Overall, the assembly marks a significant moment for Generali, reinforcing its commitment to maintaining a strong, independent presence in the global insurance market while addressing the evolving needs of its shareholders.
