MILAN (Reuters) – Shareholders in Assicurazioni Generali 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.

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:


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.

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


UNION Portfolio manager Reiner Kloecker has told Reuters

INVESTMENT, Union Investment backs Donnet. Proxy voting records

CALPERS, show that U.S. investors Calpers and SBA Florida are

SBA FLORIDA also in favour.


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.

FONDAZIONE The banking foundation, which holds a 1.7% stake in

CRT Generali, supports Caltagirone’s plan for Generali.


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, 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


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.

(Reporting by Gianluca Semeraro and Valentina Za; Editing by Kirsten Donovan)