Italy's Mediobanca, the largest investor in Generali, has proposed another term for CEO Philippe Donnet at the country's biggest insurer. Generali's investors are scheduled to vote on a new board on April 24.
The insurer's second- and third-largest investors have previously opposed Donnet's leadership. Mediobanca has also put forward another term for Generali's chairman, Andrea Sironi.
Additionally, a group of Italian fund managers announced it would nominate four candidates for the new board, adding uncertainty to the upcoming vote. This move by the fund manager group, which holds approximately 0.7% of the insurer, increases the likelihood of a divided board.