The company’s Chief Executive Philippe Donnet stated that the Rebel shareholders’ business plan presented at Italy’s largest insurer Assicurazioni Generali puts dividend targets at risk. The reappointment of Donnet, who was indicated by Generali’s board as a third mandate, has been called into question by rebel shareholders Francesco Gaetano Caltagirone, who holds a stake of more than 9%. And the fellow Italian billionaire Leonardo Del Vecchio, Generali’s No. 3 investor with a about 8% stake.
Donnet said that there is no war on Generali, but an attempt by a few minority shareholders to take control. He also told daily La Repubblica that the group would try to exceed the current cost-cutting target in the next three years despite rising inflation. Also, the publication that in the April 29 AGM called to elect a new board, the two points of view will face each other, the board’s one and the autocratic vision of some minority shareholders.
