Generali Calls for Women Nominees to Audit Board as It Risks Breaking Diversity Rules
April 18 2023 - 12:51AM
Dow Jones News
By Joshua Kirby
Assicurazioni Generali SpA late Monday invited shareholders to
propose female members for its board of statutory auditors, as
currents nominee lists risk resulting in an audit board lacking in
women, contrary to Italian law.
The board of directors of the insurer, one of Europe's largest,
said it is extending the deadline for nominations until after the
close of market on Wednesday. Proposals will be published on the
company's web page the following morning, ahead of its annual
meeting of shareholders to be held next week.
Generali "therefore invites shareholders to present proposals
for nominees belonging to the underrepresented gender--as cited,
female--for the appointment of a permanent auditor," it said. Only
votes cast for these candidates will be taken into consideration,
the company added.
Generali's board of statutory auditors, three permanent and two
substitute, is appointed by shareholders to ensure compliance with
applicable laws and regulations, as well overseeing external
auditors.
Under the governance code set by Italian exchange operator Borsa
Italiana, companies are required to ensure a representation of at
least one third of the less-represented gender on their boards of
directors and audit. Generali's current audit board consists of
three women and two men.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 18, 2023 01:36 ET (05:36 GMT)
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