Philippe Donnet, CEO of Generali
Institutional investors, both Italian and foreign, represent almost 35% of Generali’s capital
In the ongoing battle for the future government of the Generali Insurance, Assogestioni start i preparations for the third list and already has identified thehead hunter that can support you on this path. Normally he relies on two names, Russell Reynolds Associates The Heidrick&Struggles International. In the specific case, he writes The sun 24 hours, it would have been opted for the second to take the field, being the first already in the field for the list of the outgoing board of the company. A final decision has not yet been made but in the meantime preparations have begun.
After a confrontation where it was the hypothesis of not taking the field was raised and of let the two contenders – on the one hand, the list promoted by the board of directors and supported by Mediobanca and on the other that of the pattists (Francesco Gateano Caltagirone, Leonardo Del Vecchio and the Crt Foundation) – challenged each other in the absence of third parties, in the end the majority would have pushed to present themselves to the assembly. It was considered that the choice to take a step back, made on the occasion of the clash between Elliott e Vivendi for the control of the board of directors Tim, could not be slavishly replicated in this scenario.
Which turns out very different. Within the management committee, which also includes Piazzetta Cuccia and the Leone of Trieste, both presumably unable to intervene on the issue to avoid potential conflicts of interest, many want to compose their own list of candidates. Can Assogestioni deliberately call itself off the board of Generali? The answer, given by most, was no. If only why institutional investors, Italian and foreign, represent almost 35% of the capital of the Leone (even if not all show up at the meeting).
And especially in recent years they always have collected a rather extensive and always growing consensus. The tandem of the last round of renewal of board. Crucial for the association, in any case, is to understand how many votes it must collect to be sure of carving out at least one chair on the board of directors. Very complex exercise.
Certainly, many point out, the numbers collected in the last meetings should guarantee at least one seat. And there would be no reason why the consent for Assogestioni could be less than 15% of the capital. Direction, in fact, to ensure a place is that between the second and third lists there is not an excessive difference in votes. In this regard, a crucial fact will be that of participation.
At the last meeting he presented himself about 51,52% badly expected capital is that in April it can be reached at least 65% share. Of this about 45% is attributable to large shareholders (including the Benettons who sided with Assogestioni at the 2019 meeting), which will evidently divert their votes to the list of the board of directors or the pact. About 20% of funds and retail remain. An important basin to which the association can aim.