Generali: tomorrow record dates in view of the meeting, lists seek votes between institutional and retail / Adnkronos

Generali’s record date is set for tomorrow, the last day to buy shares in the insurance company to vote at the shareholders’ meeting on 29 April. The shares purchased after the record date will not have the right to vote and therefore only the packages that will be in possession by the end of tomorrow’s trading on the stock exchange will be valid. The securities in possession can then be deposited until 12 noon on 28 April. Ahead of tomorrow’s deadline, the company’s stock purchases have been frenzied in recent weeks, with volumes soaring. So much so that in the last month the Generali stock has gained over 12%.

A sign that shareholders and the market have repositioned themselves pending a crucial appointment for the future of the group, with the renewal of the board of directors among the items on the agenda. The challenge is between the list of the outgoing board of directors, which focuses on Andrea Sironi and Philippe Donnet as president and CEO, and that of the Caltagirone group, which nominates Claudio Costamagna and Luciano Cirinà.

The first will be backed by Mediobanca, which has 17.27% of the voting rights after securities lending on 4.43% of the capital, and De Agostini, who will vote for its 1.4% in the phase of disposal. The second by Francesco Gaetano Caltagirone, at 9.52%, with the support, barring surprises, by Leonardo Del Vecchio, credited with 6.62% but probably even stronger, and by the Crt Foundation, at 1.7%.

Institutional investors, including asset managers and funds, own around 30% of the group and retail shareholders 22%. Important odds that the challengers are competing for. Institutions will likely listen to the opinions of proxy advisors, companies specializing in analyzing corporate information and advising investors on how to vote at shareholders’ meetings. Iss, Glass Lewis and Frontis have already expressed their opinion, declaring themselves in favor of the list of the outgoing board of directors. But large funds could vote for the minority list proposed by some asset management companies under the aegis of Assogestioni.

Then there is the slice of retail shareholders, rich but very fragmented and more difficult to bring to the shareholders’ meeting. Both Generali and Caltagirone activated their respective promoters to collect voting proxies and on the pages of the newspapers they launched press campaigns aimed at savers. The Lion is betting on the results achieved and cites the more than 8 billion dividends since 2016, the increase in the stock of more than 80% and the operating result and normalized net profit 2021 “highest in history”.

The Caltagirone campaign focuses on the claim ‘Awakening the Lion’, awakening the lion, complete with a website, and with the slogan: “let’s build together a more ambitious future for Assicurazioni Generali”. Then there are the Benettons, with a 3.97% share, which could shift the balance. At the last meeting they voted in favor of the Assogestioni list, but this time they could decide to side with one of the two contenders.