Board of Directors

• The size of the Board of Directors is above average of European peers and in line with the average of Italian peers.

• The level of independence of the Board of Directors is above average of European and Italian peers.

• The presence of women on the Board of Directors exceeds the average of Italian and European peers.

• The average age of the Board of Directors is 61 years and is above average of Italian peers.

Generali Directors must be chosen based on their professional expertise and competence from among people who have at least three years’ total experience as a qualified professional in the insurance, credit or financial sector. They must also meet specific integrity and independence requirements.

The members of the Board of the Directors and Supervisory Board must, individually and as members of such corporate body, have adequate experience and knowledge of:

• Markets in which the company operates
• Strategy and the business model
• Governance system
• Actuarial and financial analysis in relation to insurance companies
• Legal context and regulatory requirements

During 2023, as in previous years, regular and periodical training sessions were organised to provide Directors and Statutory Auditors with updates and insights on strategic topics and relevant risk items.

In 2023, the Board was provided with eight training sessions on the following topics:

• ALM and international sanctions;
• structure of Life liabilities;
• the Group’s technology and data landscape;
• direct P&C insurance business;
• ORSA Report 2022;
• impact of rising interest rates on Life business;
• Product Oversight Governance and the global insurance landscape;
• Directors’ responsibility and sustainability challenges (climate change, greenwashing, and OECD principles).

More specifically, update and in-depth sessions on international sanctions in relation to anti-financial crime were held during 2023, both for the Risk and Control Committee and the Board. With the support of external speakers, two days of study were organised: one on Product Oversight Governance and the global insurance landscape, the other on the management of sustainability issues by boards of directors, also in terms of directors’ responsibilities, based on the evolution of environmental regulations; during that day, an update on the role of directors with respect to this topic was examined in detail.

Starting in February 2023, the Directors have had access the Company’s “We-Learn” educational platform to follow video courses on cyber security.

Additional regular risk focused sessions include the periodical review of the Own Risk and Solvency Assessment (ORSA) Report, the Risk Appetite Framework, the periodical reporting on solvency position and the risk management system as well as additional deep dives on selected risks (ie. climate risk, operational risks, etc.). More details on Group Risk Appetite and Own Risk and ORSA can be found in Group Risk Report included in the Annual Integrated Report and Consolidated Financial Statement.

Also for 2024, new training and updating sessions are already in place.

For previous year training sessions, including the 2022 onboarding activities, please consult ref. Corporate Governance and Share Ownership Report 2022 p. 70 and ref. Corporate Governance and Share Ownership Report 2021 p. 71 available at this link.

For information on directors’ compensation, see the remuneration section.

For information on directors’ shareholdings, see the shareholdings section.