MILANO – An hour and forty was enough to conclude the General Assembly. The first in which the deputy vice president and shareholder with 5.6%, Francesco Gaetano Caltagirone, did not deliver the shares. Thus, the shareholders’ meeting quorum marked the presence of 51.526% of the share capital, against 57.59% of the previous year; the difference of the Caltagirone package. 23.68% represented by institutional investors.
The managing director, Philippe Donnet, in difficulty under the front of the cohesion of the shareholders, obviously ignored the context in this almost virtual meeting (few physically present at the board table, in Trieste, in streaming, and the shareholders only through the designated representative) and has focused on the excellent results of the group, looking to the future. “We are working on defining the next three-year plan and we have solid foundations to build it”, he recalled, underlining that it will in any case be in continuity with what is going to conclude with 2021.
Generali, the tear of Caltagirone. It does not bring the shares to the meeting
by Francesco Manacorda
Donnet proudly recalled that Generali is on track to achieve all the results of the plan, after having faced the pandemic better than its competitors and having demonstrated that it knows how to seize the M&A opportunities that have arisen. “We have shown our ability to pursue growth through external lines in a disciplined and consistent manner with our M&A strategy”, he said, although a good part of the public tug-of-war with Caltagirone has been played out on this front and, in part, Del Vecchio.
The voting in the assembly is without history: the capital present voted the budget with a Bulgarian majority (99.8% yes) and the other points of the assembly on similar percentages. As was widely expected, the other main shareholders – Mediobanca with almost 13%, Del Vecchio with a stake of nearly 5% and Benetton almost 4% – voted in favor of all the motions. And so did the market.
The battle on the Generali, after the move by Caltagirone also Del Vecchio and the Benettons in maneuver
by Francesco Manacorda, Giovanni Pons
If anything, the only positive news was the vote in favor of the remuneration policy and the remuneration paid: on the mandatory part (the remuneration policy) yeses were equal to 95.315% of the present capital, while last year only 68 , 7% voted in favor (and 29.8% voted against). Same script for the second part of the vote, only consultative, on the remuneration actually paid to the top: well, last year Donnet’s remuneration package (and the other top managers) had 64.4% of yes and 34, 6% no; this year the majority in favor was equal to 92.3% and against only 7.4%. This result is the result of the development of the remuneration policies, which have incorporated a large part of the indications of institutional investors.
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