Board of Directors

• The size of the Board of Directors is on the average of Italian and European 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 59 years and is in line with the average of Italian and European 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 2022, 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 2022, the Board had four training sessions on the following topics:

• IFRS 9 and IFRS 17 accounting standards, as well as the Organization and Management Model of Generali;
• structure of corporate governance, asset management and risk management;
• IFRS 9 and IFRS 17 accounting standards;
• sustainability, with focus on climate change, corporate citizenship and cybersecurity.

Especially for the benefit of the newly appointed Directors, induction sessions were organised on the current financial statements, on the Group organisation structure, on solvency issues, on Generali corporate governance, on the Company’s approach to sustainability and its integration with the core business. Two training sessions were held on, respectively, technology and Group priorities, and the structure and priorities of the Life business. Starting in February 2023, the Directors have had access to the “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.

For previous year training sessions please consult ref. Corporate Governance and Share Ownership Report 2021 p. 71 and ref. Corporate Governance and Share Ownership Report 2020 p. 65 available at this link.

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

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