MILAN (Thomson Financial) - Assicurazioni Generali SpA activist shareholder
Algebris Investments (UK) LLP said it will not mount a legal challenge against
the appointment of Eugenio Colucci as chairman of Generali's internal audit
panel.
After the Generali shareholder meeting at the end of April, Algebris
officials were quoted querying the professional qualifications of Colucci for
the post when Algebris's nomination failed to find support.
"Notwithstanding some ambiguities before and during the shareholder meeting,
on his meeting the requirements (as internal auditor), Algebris in the interests
of the company and all its shareholders will not proceed with any legal action,"
Algebris said in a statement.
The decision follows confirmation by the Generali board of Colucci's
qualifications for the post, it said.
Algebris said it hopes Colucci, in representing minority shareholders, can
make a contribution to improving Generali's corporate governance.
At the shareholder meeting, Algebris won support from 8.3 percent of
Generali shareholders for its internal auditor list.
nigel.tutt@thomsonreuters.com
nt/cmr
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