Mediobanca execs resign from Generali board

Two board members of Italian insurer Assicurazioni Generali have resigned from their posts, ahead of a new law which limits cross-board membership of rival financial services institutions.

The insurer confirmed that the resignations of Alberto Nagel, deputy chairman of the board of directors and the executive committee, and Francesco Vinci, a member of several committees, were due to the law that aims to limit conflicts of interest. 

Both men are also members of the board of investment bank Mediobanca, which has a 13.24% stake in Generali, and Nagel is the bank's chief executive officer. 

Under the law passed in December, directors can no longer sit on the boards of multiple financial institutions in Italy.

Any executive sitting on multiple boards was required to choose which position to relinquish before the deadline later this week.

The ban applies to financial services and insurance companies with annual revenues of more than €47m.

In a short statement Generali said the members were resigning from their posts "pursuant to Article 36 of the Law no. 214 of 2011".