SFC AT GENERALI AGM: COAL STILL A PROBLEM

On 19 April 2018, Fondazione Finanza Etica (FFE), on behalf of SfC – Shareholder for Change, attended the AGM of Generali, a leading European insurance group. Simone Siliani, director of FFE, asked questions on the financial statements and the remuneration plan.

SfC criticised Generali’s divestment from coal, announced in February, for not going far enough. «It is certainly an important step forward», added Siliani, «but Generali won’t divest from Polish coal plants and will keep insuring coal projects, while important competitors, such as Axa or Zurich, are restricting their underwriting».

FFE and the French member of SfC Meeschaert Asset Management, that holds 162,000 Generali’s shares, abstained on the budget and voted against the remuneration plan, that envisages a total remuneration of €8.67m for the CEO Philippe Donnet: 437 times the minimum wage. The limit set by Meeschaert Asset Management is 240 times.

Besides SfC, there were critical interventions from the Italian NGOs Re:Common and Greenpeace Italy.