Bernheim asked Serra. "Certainly we can continue to make progress but we can't continue to accept such criticisms." Serra has put forward a rebel list of proposed internal auditors, which the annual meeting will vote on. He said he had over 220 investors to support it but it remains unclear how much weight they will have. Algebris holds around 0.5 percent of Generali. In his opening speech, Bernheim defended the insurer's structure of two CEOs and an executive chairman, as well as its performance and his remuneration. "Our strategy of focusing on the longer term has made Generali a safe port," he said. He reiterated that the insurer would focus on organic growth in Italy and abroad, and would also push growth through "external operations" outside Italy. Generali has said it could be interested in niche markets in the United States for acquisitions, and analysts have suggested it could be interested in parts of the insurance business of Royal Bank of Scotland. Copyright Reuters, 2008