Swiss Re’s shareholders approved all proposals put forward by the committee of directors at Wednesday’s annual general meeting (AGM), the company has announced. This included the distribution of a normal 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 other proposed committee members.
“When I took office a year ago, I emphasised that Swiss Re needed to enhance its resilience to meet the expectations of investors, clients and employees,” Ermotti said. “Over the last year, this has been our top priority, focusing on high-quality portfolio and margins in our reinsurance industry, the successful turnaround of Corporate Solutions, and the continued growth at optic. We have achieved crucial interim goals on our way to sustainably strengthening Swiss Re’s long-term earning power, and I am convinced that we can improve our achievement even further in the future.”
Shareholders approved the proposal to pay the dividend of CHF5.90 per share with a majority of 99.1% of the votes cast. The income is at the same level as the previous year’s distribution and reflects Swiss Re’s strong capital position and equity management priorities, the company said. The dividends will be paid out of voluntary profit reserves and will be distributed beginning April 21. From April 19, Swiss Re shares will be marketed ex-dividend.
In addition to reelecting Ermotti and other proposed board members, shareholders elected Deanna Ong as a new member of the Compensation Committee. At the constitutional meeting of the board of directors, Renato Fassbind was re-appointed as vice chairman and lead independent director.
Due to Swiss Re’s new 12-year tenure limit, Raymond K.F. Ch’ien stepped down as a board member.
Shareholders also approved the maximum aggregate amount of payment for board members for the one year until the completion of the 2023 AGM with 86.4% of the votes cast. Also approved was the aggregate amount of variable short-term compensation for members of the group executive council for the 2021 financial year. Shareholders also approved the aggregate amount of fixed compensation and variable long-term compensation for members of the committee for the 2023 financial year.
Further board proposals approved at the AGM included:
Swiss re’s annual report (including the management report) and annual and consolidated financial statements for the 2021 financial year
The discharge of all members of the board of directors for the last financial year
The introduction of a 12-year tenure limit for all current and new board members
Swiss Re’s board furthermore committed to increasing female representation at the board level to at least 30% by the 2023 AGM.
