Swiss Re’s shareholders authorised all proposals put ahead by the board of administrators at Wednesday’s annual normal assembly (AGM), the corporate has introduced. This included the distribution of an bizarre dividend of CHF5.90 per share (about £4.81), the re-election of Sergio P. Ermotti as chairman of the board, and the re-election of all different proposed board members.
“When I took office a year ago, I emphasised that Swiss Re needed to strengthen its resilience to meet the expectations of investors, clients and employees,” Ermotti stated. “Over the last year, this has been our top priority, focusing on high-quality portfolio and margins in our reinsurance business, the successful turnaround of Corporate Solutions, and the continued growth at iptiQ. We have achieved important interim goals on our way to sustainably strengthen Swiss Re’s long-term earning power, and I am convinced that we can improve our performance even further in the future.”
Shareholders authorised the proposal to pay the dividend of CHF5.90 per share with a majority of 99.1% of the votes solid. The dividend is at the identical degree because the earlier 12 months’s distribution and displays Swiss Re’s sturdy capital place and capital administration priorities, the corporate stated. The dividends can be paid out of voluntary revenue reserves and can be distributed starting April 21. From April 19, Swiss Re shares can be traded ex-dividend.
In addition to reelecting Ermotti and different proposed board members, shareholders elected Deanna Ong as a brand new member of the Compensation Committee. At the constitutional assembly of the board of administrators, Renato Fassbind was re-appointed as vice chairman and lead unbiased director.
Due to Swiss Re’s new 12-year tenure restrict, Raymond K.F. Ch’ien stepped down as a board member.
Shareholders additionally authorised the utmost mixture quantity of compensation for board members for the one-year time period till the completion of the 2023 AGM with 86.4% of the votes solid. Also authorised was the combination quantity of variable short-term compensation for members of the group govt committee for the 2021 monetary 12 months. Shareholders additionally authorised the combination quantity of mounted compensation and variable long-term compensation for members of the committee for the 2023 monetary 12 months.
Further board proposals authorised at the AGM included:
- Swiss re’s annual report (together with the administration report) and annual and consolidated monetary statements for the 2021 monetary 12 months
- The discharge of all members of the board of administrators for the final monetary 12 months
- The introduction of a 12-year tenure restrict for all present and new board members
Swiss Re’s board additionally dedicated to growing feminine illustration at the board degree to at least 30% by the 2023 AGM.