Philippe Donnet remains firmly at the helm of Generali, bolstered by the support of Mediobanca's list, as the company held its annual shareholders' meeting in Trieste on April 24, 2025. This marked the first in-person assembly in five years, drawing between 650 and 700 shareholders to the Generali Convention Center, a newly inaugurated venue in Porto Vecchio.
The meeting was significant for several reasons, including the renewal of the governance and the approval of the 2024 financial statements, which reported a record profit of 3.8 billion euros, an increase of 5.4% from the previous year. Shareholders voted overwhelmingly in favor of the financials, with 89.9% of the capital present supporting the approval, which represented 68.572% of the entire share capital.
Mediobanca, the reference shareholder with a 13.1% stake in Generali, proposed the reconfirmation of the current leadership structure. Their list won decisively, securing 52.383% of the votes from the capital present, translating to 68.777% of the total share capital. This victory granted Mediobanca ten seats on the Board of Directors, one more than the nine candidates they had initially nominated.
In contrast, the list led by Caltagirone and Del Vecchio received 36.8% of the votes, allowing them to claim three seats on the Board. Meanwhile, Assogestioni's list, representing the interests of funds, failed to meet the minimum quorum of 5%, garnering only 3.67% of the votes and thus securing no seats.
With the results finalized, Andrea Sironi was confirmed as Chairman and Philippe Donnet as CEO for the next three years. The new Board of Directors will include Luisa Torchia, Lorenzo Pellicioli, Clara Hedwig Frances Furse, Antonella Mei-Pochtler, Patricia Estany Puig, Umberto Malesci, and Alessia Falsarone from the Mediobanca list, along with Flavio Cattaneo, Marina Brogi, and Fabrizio Palermo from the Caltagirone list.
In his remarks following the vote, Donnet emphasized the shareholders' clear mandate for continuity and stability, stating, "Today, you shareholders have expressed yourselves decisively and with great clarity in favor of the continuity of governance and the stability of management. You have expressed your support for the strategy we are successfully implementing, and my team and I are already at work to deliver significant results that guarantee your returns."
He further asserted, "Today, the company has won; today, Generali has won. The market has expressed itself very clearly and, I would say, with great unanimity," underscoring that the vote was not merely a referendum on the partnership with Natixis but rather a choice between an independent Generali and one controlled by a few shareholders.
The assembly also approved a proposed dividend of 1.43 euros per share, resulting in a total payout of over 2.17 billion euros. This decision received favorable votes from 89.876% of the capital present. Donnet expressed confidence in the company's future, stating, "The important results achieved over the last nine years convince me that Generali will be even more successful in the future. Our work is not finished, and there are further significant goals to reach together."
Looking ahead, the company aims for a double-digit growth in dividends per share, targeting over 7 billion euros in cumulative dividends during the timeframe of their strategic plan. This plan also includes a commitment to execute at least 1.5 billion euros in share buybacks, which encompasses a 500 million euro buyback plan presented during the Investor Day.
Addressing the contentious partnership with Natixis, Donnet reassured shareholders, stating, "We will not be in the hands of the French; that will never happen." He described the partnership as a unique opportunity to create a global asset management platform valued at nearly 2,000 billion euros, which would provide the necessary scale in the asset management business. Donnet announced that Woody Bradford, currently the head of Generali investment holding, will serve as the CEO of the new entity for at least the first five years, with the possibility of an extension if he meets all targets.
The shareholders' meeting was a pivotal event, not just for the governance of Generali but also for the future direction of the company amid increasing competition and market dynamics. The assembly's turnout was indicative of the shareholders' vested interest in the company's trajectory, particularly after a long hiatus from in-person gatherings.
As the new Board of Directors prepares to implement the "Lifetime Partner 27: Driving Excellence" plan, which promises to distribute 7.7 billion euros between dividends and buybacks over the next three years, the focus will remain on fostering stability and growth. With the backing of significant shareholders and a clear strategic vision, Generali is poised to navigate the complexities of the insurance market in the coming years.
In summary, the shareholders' meeting not only reaffirmed the current leadership but also set the stage for ambitious financial goals and strategic initiatives aimed at strengthening Generali's position as a leading player in the insurance industry.
