Factbox: Who's who in the Generali drama

Caltagirone Editore SpA

21/04/2022 12:33

MILAN, April 21 (Reuters) - Shareholders in Assicurazioni Generali  GASI.MI 
will vote on April 29 to name a new chief executive and board of directors at
Europe's third-largest insurer.
    CEO Philippe Donnet, at the helm since 2016, is running for reappointment
with backing from Generali's outgoing board and the insurer's leading
shareholder, Mediobanca  MDBI.MI .
    Donnet's candidacy meets opposition from Generali's second-largest investor,
Italian tycoon Francesco Gaetano Caltagirone, who has proposed instead former
Generali executive Luciano Cirina as CEO.
    Following is a summary of the main stakeholders and their respective stances
in the saga:
        
                       - IN FAVOUR OF DONNET -
 MEDIOBANCA   The Milanese bank holds 12.8% of Generali, which
              accounts for a third of its profits. To counter
              challenger investors at the April 29 AGM, it has
              secured a temporary 17.2% voting stake.  urn:newsml:reuters.com:*:nL5N2W4588
 DE AGOSTINI  The Italian publisher has praised Donnet's performance
              and is expected to back his reappointment before
              completing the planned disposal of its 1.44% Generali
              stake.  urn:newsml:reuters.com:*:nL5N2W4588
 UNION        Portfolio manager Reiner Kloecker has told Reuters
 INVESTMENT,  Union Investment backs Donnet.  urn:newsml:reuters.com:*:nL5N2WB0MO Proxy
 CALPERS,     voting records show that U.S. investors Calpers and SBA
 SBA FLORIDA  Florida are also in favour.  urn:newsml:reuters.com:*:nS8N2U107F
  
                          - AGAINST DONNET -
 FRANCESCO    The 79-year-old construction and newspaper magnate
 GAETANO      trails Mediobanca with a 9.95% Generali stake, which he
 CALTAGIRONE  has gradually increased in recent years. 
              Before stepping down from Generali's board in January,
              Caltagirone had been a director since 2007, also taking
              on the role of vice chair in 2010. He will likely have
              a seat on the board again even if his bid to oust
              Donnet fails.
 LEONARDO     The billionaire founder of Italian eyewear giant
 DEL          Luxottica is the third-largest shareholder in Generali
 VECCCHIO     with a stake of around 8%. Del Vecchio, who is also the
              biggest investor in Mediobanca with a near 20% stake,
              has sided with Caltagirone. urn:newsml:reuters.com:*:nL5N2VX3FH 
 FONDAZIONE   The banking foundation, which holds a 1.7% stake in
 CRT          Generali, supports Caltagirone's plan for Generali.
               urn:newsml:reuters.com:*:nL5N2WB4T3    
    
                           - YET TO DECIDE -
 BENETTON       The holding company of the Benettons holds 4% of
 FAMILY         Generali. With close ties to both camps, the Benettons
                have not disclosed a preference and may look to keep a
                neutral stance.
 INSTITUTIONAL  They hold in aggregate 35% of the insurer, but their
 INVESTORS      attendance at AGMs in recent years has been at around
                20% of Generali's share capital. Their vote is usually
                oriented by the recommendations of leading governance
                advisers Institutional Shareholder Services (ISS) and
                Glass Lewis which have both backed Donnet. Generali's
                fund shareholders include Blackrock  BLK.N , Fidelity
                Investments, Vanguard, Thornburg Investment Management
                and Norges Bank. 
                A group of 11 institutional investors holding 0.64% of
                Generali has filed a separate slate of board
                representatives, which does not include a CEO
                candidate.
 RETAIL         Small savers made up mostly of wealthy families in
 SHAREHOLDERS   Italy's north east hold around 22% of Generali. For
                retail shareholders the focus is the insurer's dividend
                policy, which Donnet in December has pledged to boost.
 
    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Facing shareholder showdown, Generali CEO says can deliver on plan   
 urn:newsml:reuters.com:*:nL5N2WJ35W
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Gianluca Semeraro and Valentina Za; Editing by Kirsten Donovan)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;))