Italy’s prime insurer Generali on Friday mentioned it might press on with an inventory of candidates for its new board in step with regulatory tips, as a battle amongst its main shareholders rages on.
Italian market watchdog Consob on Friday revealed last remarks in response to a question over whether or not an organization’s outgoing board may legitimately suggest new board candidates.
Such a apply, which is frequent for U.S. or British corporations with a large shareholder base, is extra uncommon in Italy, the place main shareholders usually choose board nominees.
Deeming it a professional apply, Consob mentioned 52 Italian corporations on the finish of 2020 had launched of their by-laws the chance for the outgoing board to pick out candidates to be put to a shareholder vote.
Solely 11 corporations, together with Generali following adjustments to its by-laws in 2020, truly make use of it, Consob mentioned.
“Generali welcomes the steering,” a spokesman for the insurer mentioned. “The corporate confirms that preparation for the board listing continues in accordance with Consob tips.”
Europe’s third-largest insurer is caught in a warfare involving its prime three shareholders – funding financial institution Mediobanca and Italian tycoons Francesco Gaetano Caltagirone and Leonardo Del Vecchio.
Caltagirone and a consultant for Del Vecchio this month give up Generali’s board as the 2 billionaires put together to attract up their very own slate of nominees for the board, together with their very own candidate for the chief govt officer job.
With Mediobanca’s backing, Generali’s board has proposed naming present CEO Philippe Donnet for a 3rd mandate at an annual common assembly in April.
Generali’s board this week began analyzing different attainable board candidates helped by management advisory agency Russell Reynolds.
Two folks with information of the matter mentioned former Ray-Ban proprietor Luxottica CEO Andrea Guerra had been proposed, however he had declined the provide.
Guerra, now a prime govt at luxurious items group LVMH , led Luxottica for a decade earlier than falling out with Del Vecchio, the eyewear group’s founder.
(Reporting by Gianluca Semeraro and Valentina Za; modifying by Paul Simao)
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