The key points
- Caltagirone does not deposit the shares
- Tension between the members
- The board expires with the 2021 budget
Francesco Gaetano Caltagirone will not participate in the Generali meeting scheduled for April 29th. At the deadline set at 12 noon on April 28, in fact, his shares did not appear to have been deposited. Caltagirone is vice president of Leone and controls a 5.63% stake. With this move, therefore, he will not participate in the vote on the company’s budget, which he also approved in the council.
The reason? Caltagirone, as reported by Reuters, would have decided to send this signal because he is not satisfied with the balance of power between the shareholders, as three sources close to the matter have said. The reference, in particular, would be Mediobanca shareholder with 13% of the Leone di Trieste.
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The tensions between the investors of the largest Italian insurer have so far been played behind closed doors, but the cards will soon be discovered considering that the process for the appointment of the new board of directors will begin shortly since the current one is expiring with the approval of the 2021 financial statements.
Already in the last board of directors some frictions had emerged with respect to some strategic choices, starting with the Cattolica operation up to the 300 million offer for the assets of Axa in Malaysia.