Enough with the business in conflict of interest out of control of the partner Mediobanca with the General. It is one of the main objectives of the Trieste war of Francesco Gaetano Caltagirone. The builder-publisher clarified the concept in an interview with the Sole 24 Ore. And its candidates for the leadership of the most important financial center in Italy reiterated it just as clearly, during the presentation of the industrial plan which they intend to carry out in case of victory at the April assembly which will have to renew the board of directors of the country safe.
“I am convinced that the operations with related parties (in conflict of interest, ed) should be the exception not a daily habit. Instead they are thousands a year and only a small number – counted on the fingers of one hand – go to the related parties committee. Among these, many are with Mediobanca and are not checked by the related parties committee ”, Caltagirone told the newspaper of the Confindustriaunderlining how regardless of their value, the financial investments ordinary shares of the company of which it owns more than 9%, with the current corporate governance rules are not passed to the scrutiny of the committee that supervises operations in conflict of interest.
As an example Caltagirone cites the purchase of Cattolica Assicurazioni two years ago, which had as a secondary effect the green light of the Veronese company for the purchase of Where from Understanding St. Paul. The most important banking deal in recent years that has been orchestrated by none other than Mediobanca and has also brought advantages to the competition from Generali, the Unipol by Carlo Cimbri, great companion of the number one of Piazzetta Cuccia, Alberto Nagel.
In the same vein, Caltagirone’s candidate for the presidency of the company, Claudio Costamagna, who underlined that one of the two pillars of “his” plan for Generali is “a different governance that is truly in the interest of the company and of all the shareholders”. The current corporate governance of Generali, “prevents the growth of the company and the maximum creation of value for all shareholders” due to a “significant influence of the main shareholder (Mediobanca, ed), having a conflict of interest on some of the Group’s businesses ”, argue from the Caltagirone front.
In particular the plan, which was baptized Awakening the Lion (Awakening the Lion) and aims for 4.2 billion in profits at the end of the three-year period, provides for a revision of the economic thresholds and of procedure to follow for avoid the exam of the committee responsible for examining transactions in conflict of interest, with particular attention to the affairs concerning the financial management of the company’s assets and the transparency of reporting. And so we speak of zero tolerance towards shareholder conflicts of interest, with a strengthening of the rules on thresholds, procedures and disclosure and the control committees chaired by independent parties.
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