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Corporate Governance and Share Ownership Report 2016 185th year Corporate Governance and Share Ownership Report 2016 generali.com Corporate Governance and Share Ownership Report 20161 Updated at 31 December 2016, save as otherwise specified. Contacts: see end of the Report 1 This Report is required pursuant to s. 123-bis of CFBA and s. 144-decies of CONSOB Issuers’ Regulation. 2 Assicurazioni Generali Corporate Governance and Share Ownership Report 2016 Corporate bodies as at 15 March 2017 Chairman Gabriele Galateri di Genola Vice-Chairmen Francesco Gaetano Caltagirone Clemente Rebecchini Managing Director and Group CEO Philippe Donnet Board members Romolo Bardin Ornella Barra Paolo Di Benedetto Alberta Figari Diva Moriani Lorenzo Pellicioli Roberto Perotti Sabrina Pucci Paola Sapienza Board of Statutory Auditors Carolyn Dittmeier (Chair) Antonia Di Bella Lorenzo Pozza Francesco Di Carlo (alternate auditor) Silvia Olivotto (alternate auditor) Board secretary Giuseppe Catalano The Company was incorporated in Trieste in 1831. Fully paid-up share capital € 1.559.883.538 Registered office in Trieste, ISIN: IT0000062072 piazza Duca degli Abruzzi, 2, Italy Reuters: GASI.MI Taxpayer and company registration of the Venezia Giulia number 00079760328 Bloomberg: G:IM Insurance and reinsurance company registration number: 1.00003 Parent Company of Generali Group, insurance group number: 026 Certified e-mail address: [email protected] 3 A journey into our future Our reports are not simply reporting documents. Their aim is to provide a comprehensive overview of how the Group creates value with regard to a number of major contemporary issues. These issues, of course, outline the field of action of a global insurance player such as ours: more specifically, demographic trends, climate change, the company’s social role and, above all, the changes dictated by innovation technology. Innovation is indeed the cross-cutting issue of Generali’s 2016 reports, viewed from different perspectives: customers, who are evermore well-informed and interconnected; agents, the cornerstone of a distribution strategy increasingly open to multimedia; employees, actively involved in a process of cultural and operational change; big data management, a key tool for interpreting the world surrounding us and anticipating its developments. And then the Internet of Things, mobility and the major topic of growth, the real challenge not only for businesses but for all policymakers who need to take decisions in such complicated times. This year, readers will be accompanied by illustrations created by artists who have used, each in their own way, a symbolic and coloured language to outline concepts that have a deep impact on the life of our Group and of its stakeholders. Our wish is for readers to have a pleasant journey that at the same time will make them reflect, help them interpret the economy and society with a more informed and aware attitude, and make them feel surprised that a Generali Group report can be much more than a simple report. 4 Assicurazioni Generali Corporate Governance and Share Ownership Report 2016 Table of contents 06 The integrated overview of our reports 07 Information on this Report 08 Letter of the Chairman of the Corporate Governance and Social & Environmental Sustainability Committee 11 We, Generali Corporate profile 12 Group highlights 14 Share ownership 15 Our corporate governance 16 Focus on the Board of Directors 19 Our sustainability 20 Remuneration policy 21 Internal control and risk management system 22 Our history 24 2016 key facts 26 Significant events after 31 December 2016 and 2017 corporate event calendar 28 Vision, Mission, Values 30 Our strategy 32 How we create value: our governance 35 Our governance 36 Significant governance events in 2016 38 Generali’s corporate governance system 40 The Company’s organisation 51 Shareholders and investors 52 Share Ownership 56 General Meeting 59 Relations with institutional investors and other shareholders - Contacts 61 The corporate website – www.generali.com 5 132 Annex 1 65 Corporate governance Powers reserved to the Board of players Directors by Board resolution 134 Annex 2 66 Board of Directors Powers assigned to the Managing Director 84 Chairman and Group CEO by resolution of the Board of Directors 85 Vice-Chairmen 137 Annex 3 85 Managing Director and Group CEO Powers assigned to the General Manager by 86 The five Board Committees resolution of the Board of Directors 102 General Manager 140 Annex 4 Responsibilities assigned to the Risk and 102 Board of Statutory Auditors Control Committee by resolution of the 107 External Autitors’ Firm Board of Directors 141 Annex 5 109 Internal control and risk Responsibilities assigned to the management system Appointments and Remuneration Committee by resolution of the Board of Directors 110 Generali’s Internal Model 143 Annex 6 110 The System Checklist against the CG Code 111 Roles and responsibilities 154 Glossary and acronyms 118 Main characteristics of the internal control and risk management System as regards 159 Contacts reliability of information supplied to the Company’s governing bodies and the market 122 Internal dealing regulations 123 Related-party transaction procedures 123 Organisational and Management Model (OMM) and Supervision and Control Committee 127 Tables and annexes 128 Table 1 Data about share ownership 129 Tables 2 Board of Directors and Board Committees in 2016 131 Table 3 Board of Statutory Auditors in 2016 6 Assicurazioni Generali Corporate Governance and Share Ownership Report 2016 The integrated overview of our reports In recent years, the Generali Group reports 185th year The Corporate Governance Corporate Governance were prepared from different perspectives: and Share Ownership and Share Ownership Report 2016 financial, sustainability, governance and Report outlines the corporate governance system and its remuneration. actual implementation In 2016, we embarked upon a new path inspired by the innovative concept of integrated thinking and reporting. generali.com The functions responsible for the Group reports have established the Integrated 185th year The Annual Integrated Report Annual Integrated provides a summary and integrated Lab with the objective of further developing Report 2016 view of the financial and non-financial integrated reporting to describe the Group’s performance of the Group value creation process from different perspectives, within a coherent framework in terms of content and graphics generali.com The Annual Integrated Report The Management Report 185th year 185th year and the Consolidated Financial Annual Integrated Report and Management Report and Parent Company Financial the Consolidated Financial and Parent Company Statements add to the Annual Statements 2016 Financial Statements 2016 Statements provide data on the Integrated Report, providing performance of Assicurazioni details on the Group financial Generali in line with applicable reporting in line with national regulations and international regulations generali.com generali.com The Sustainability Report The Remuneration Report 185th year Sustainability outlines how the Group Report 2016 provides information on the th Remuneration 185 YEAR creates values on the basis Group remuneration policy and Report of a responsible approach its implementation and in the long term for all its generali.com stakeholders generali.com Every report contains cross references to other sections and to other reports for insights and a glossary including Reference to other sections definitions and acronyms. or to other Group reports www.generali.com/info/download-center/results for reports and Group policies in pdf format in interactive version 7 Information on this Report This Report complies with the disclosure provisions of s. 123-bis of the CFBA, as issuers are required to provide accurate information to the marked on share ownership, implementation of corporate governance conduct codes, the organisation and corporate bodies as well as governance practices. Since 1999, the Company has implemented the principles of the Corporate Governance Code, as amended from time to time. The corporate governance system of the Company, described in this Report, is compliant with principles and criteria of the CG Code, in its latest version of 2015, and it is also based on the recommendations of the 4th Report on CG Code implementation, that the Corporate Governance Committee adopted on 1 December 2016. In this respect, for the convenience of readers, Annex 6 of the Report includes a check-list: for each principle/criteria of the CG Code there’s a reference to the relevant page of the Report. The Report layout includes a introduction section (We, Generali) with significant information and macro-data providing a meaningful summary of the financial, management and governance events in 2016. Besides the introduction, the Report included 4 chapters, on the corporate governance model, shareholders and investors and relevant relations, corporate governance players and the internal control and risk management system. The Report also includes Tables and Annexes, with frequent references in the sections; some tables have been included pursuant to statutory requirements. Besides the general table of contents, each chapter has its own table of contents with further details on each item. The definitions and acronyms are included in the Glossary at the end of the Report which also includes a Contacts detail section. The Generali Group’s reporting aims to best satisfy stakeholder information requirements. Comments,
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