Another Generali director steps down over board processes in major blow to insurer

Insurance giant  Generali has suffered another major blow with  the shocking resignation of a second board member in less than a week.

Romolo Bardin, independent director and member of the appointments and remuneration, investments, strategic operations, and related party transactions committees, has resigned from his seat on the board, citing “the process for the formation of the board” as the reason for his decision to step down.

Bardin referred to operating procedures and some choices of the board and in the committees in which he participates.

His departure comes shortly after Francesco Caltagirone, one of the largest shareholders in the group, stormed from the table Thursday (January 13) with a “surprise” resignation, saying that he was prevented from contributing to the strategy.

Bardin is the CEO of Delfin S.à r.l. which holds a 6.618 percent stake in Generali and is party to the shareholders' agreement stipulated with some companies of the Caltagirone Group and Fondazione CRT.

Generali chairman has expressed “deep regret” over his decision but, yet again, rejected the claims made by the outgoing director.

“I deeply regret the decision taken by Mr. Bardin. I wish to reiterate, once again, that the Company has always conducted its business according to the standards of absolute transparency and rigorous fairness, in the interest of all stakeholders,” board chairman Gabriele di Genola was quoted saying in the Generali statement.

“These principals, I underline, have always been adhered to in our relations with all directors, without exception and at all times,” he added.

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