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Generali still lacks board member as tapped replacement says ‘no’

VM 2006’s line-up, or what was called the first minority list, was among the three lists presented to Generali investors during the highly anticipated AGM earlier this year. From it came Francesco Gaetano Caltagirone, Marina Brogi, and Flavio Cattaneo. The trio joined the 10 board members who were picked from the majority list backed by group chief executive Philippe Donnet.

Last month, Caltagirone resigned with immediate effect for undisclosed reasons. The major activist shareholder had failed to topple the existing Generali leadership, with Donnet now serving his third term.

Meanwhile, as a result of Neri’s rejection to sit on the board, the appointments and corporate governance committee will have to propose a new candidate.

Additionally, Generali has redefined the board committees as well. Prior to Caltagirone’s resignation, his camp was seeking the establishment of a board committee for the prior assessment of strategic transactions. Now, the board committees are those on risk and control, remuneration and human resources, appointments and corporate governance, related parties’ transactions, innovation and sustainability, and investment.

“The board has appointed the following members for the investment committee: Antonella Mei-Pochtler (chair), Alessia Falsarone, Clara Furse, Lorenzo Pellicioli, and Clemente Rebecchini,” noted Generali. “The composition of the remaining board committees remains the same as communicated on May 12, 2022.

“Marina Brogi and Flavio Cattaneo, directors elected from the list submitted by VM 2006 Srl, have declared their availability to be part of the board committees starting from the date on which the board will co-opt its new member, also depending on the competencies of the new director.”

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