Generali Calls for Women Nominees to Audit Board as It Risks Breaking Diversity Rules

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 [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

April 18, 2023 01:36 ET (05:36 GMT)

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