Generali has announced the results of its annual general meeting (AGM) for 2025, approving a new dividend and confirming new members for its board of directors.
The AGM resulted in the election of a new 13-member board of directors, which will serve for a term of three financial years, until the approval of the 2027 financial statements. The remuneration for the new board was also approved.
Three lists were submitted for the election. The list presented by Mediobanca, the company’s majority shareholder, received 52.38% of the vote. The list submitted by shareholder VM2006 secured 36.85%, while a third list presented by several UCIs under Assogestioni received 3.67% and did not meet the 5% threshold required to elect directors.
Elected from the majority list were Andrea Sironi, as independent chair; Clemente Rebecchini; Philippe Donnet (pictured above), as chief executive officer; Luisa Torchia; Lorenzo Pellicioli; Clara Furse; Antonella Mei-Pochtler; Patricia Estany Puig; Umberto Malesci; and Alessia Falsarone. From the VM2006 list, Flavio Cattaneo, Marina Brogi and Fabrizio Palermo were elected.
Except for Donnet, Rebecchini and Pellicioli, all newly elected board members declared that they meet the independence and eligibility requirements, relevant insurance regulations, and the company’s corporate governance code.
UniCredit SpA’s and investor Francesco Gaetano Caltagirone’s reported alliance to support a minority list of board candidates fell notably short. Caltagirone has been a vocal critic of current CEO Donnet, with disagreements reaching a new high after a high-profile merger between Generali’s and French banking group BPCE’s asset management operations.
The first meeting of the new board is scheduled for April 28, 2025 to discuss appointments to corporate bodies.
The AGM also approved the appointment of Annalisa Firmani as an alternate auditor on the Board of Statutory Auditors for the financial year ending December 31, 2025.
In addition, the company’s shareholders approved financial statements for the year ending 2024, which reported a net result of €3,724 million. A dividend of €1.43 per share was also approved, with payment scheduled for May 21, 2025.
Generali’s net result for 2024 rose from €3.58 billion the previous year, reflecting contributions from its diversified profit sources despite lower net realised gains. The overall net result stood at €3.72 billion, slightly lower than the previous year’s €3.75 billion, which included capital gains from asset disposals in 2023.
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