Annual General Meeting 2023
The 2023 Annual General Meeting approves the 2022 Financial Statements and the distribution of the dividend, and appoints the new Board of Statutory Auditors
The ordinary Annual General Meeting of Assicurazioni Generali was held on 28 April under the chairmanship of Andrea Sironi. The event took place through live video streaming from the historic Palazzo Berlam, which houses the Generali Historical Archive, next to Palazzo Carciotti, where the Company’s deed of incorporation was signed.
In his introductory speech, Chairman Andrea Sironi emphasised the solid know-how and experience of the Board of Directors, which enable its members to effectively operate in the Group’s main strategic areas: “I would like to express great satisfaction with the completion of a governance that consolidates Generali's reputation for its best practices at the European and international level, and which operates through a high-quality Board of Directors”, he said, while recalling that the current Board consists of more than 75% independent directors, 46% women, and has a lower average age than its predecessors. “Thanks to all these factors, the Board has effectively contributed to defining and monitoring the Group's strategic development, supporting and stimulating its management in a consistently constructive manner”, he concluded before leaving the floor to the Group CEO and Group CFO.
“2022 was undoubtedly a year of great complexity. Despite such a challenging external context, Generali successfully continued its path of transformation and sustainable growth”, said Generali Group CEO Philippe Donnet, commenting on the Company’s most recent results. “The quality of these results allows us today to offer you a dividend of 1.16 Euro per share, an increase of 8.4 percent compared to last year”.
“Strengthened by what we have been able to achieve over the last twelve months, and more generally in these last years, we are therefore ready to face once again with confidence all the challenges that await us in the future, knowing that we can count on the extraordinary talent and dedication of our 82,000 colleagues and 161,000 agents, and on the constant support and trust that you shareholders have guaranteed us for 192 years now!”
In conclusion to his report on financial statements and asset management, Group CFO Cristiano Borean commented: “In a challenging geopolitical and economic context, Generali achieved a very positive full-year 2022 performance with its best-ever operating result, continued growth in premium, with strong P&C increase, a growing cash generation and an extremely solid capital position, and a dividend proposal confirming the Group’s focus on shareholder returns. These results summarise the first year of the 'Lifetime Partner 24: Driving Growth' strategy, focused on sustainable growth, an enhanced earnings profile and the creation of value for all stakeholders, and confirm its excellent start.”
The Annual General Meeting approved the 2022 Financial Statements, which closed with a net profit of € 2,821 million, setting forth the distribution of a dividend of € 1.16 per share to shareholders, to be paid as from 24 May 2023.
Furthermore, the Annual General Meeting approved the appointment of Stefano Marsaglia as a member of the Board of Directors to hold office for the financial years ending on 31 December 2023 and 2024.
The Board of Statutory Auditors was appointed for the three-year period 2023-2025. The following individuals were appointed as Permanent Auditors: Carlo Schiavone (Chair), Paolo Ratti and Sara Landini. The list presented by several UCIs under the aegis of Assogestioni obtained 88.78 % of the votes, and the list presented by VM2006 obtained 5.06 %.
The Annual General Meeting also approved the Report on the Remuneration Policy and expressed a non-binding positive resolution on the Report on payments.
The Annual General Meeting went on to approve the Group Long Term Incentive Plan (LTIP) 2023-2025 and the Share Plan for Generali Group employees, with the aim of promoting the achievement of strategic objectives, a culture of ownership and empowerment and the participation of employees in the Group’s sustainable value creation.
Finally, the Annual General Meeting approved the modification of fees for the statutory audit assignment.
Further information is available in the press release.