Zurich, April 21, 2017.- Swiss Re’s shareholders approved all proposals put forward by the Board of Directors at its Annual General Meeting (AGM) held in Zurich today. This included the increase in regular dividend to CHF 4.85 per share and the authorisation of a new public share buy-back programme of up to CHF 1.0 billion purchase value to be executed before the 2018 AGM. The shareholders also approved in a binding vote the compensation of the members of the Board of Directors and the Group Executive Committee.
1 263 shareholders participated in this year’s Annual General Meeting. Of the total voting shares, 67.1% were represented and the company’s annual and consolidated financial statements for 2016 were approved. In addition, the shareholders discharged all members of the Board of Directors. Swiss Re’s shareholders also authorised the new public share buy-back programme of up to CHF 1.0 billion purchase value which can be exercised at any time ahead of the 2018 AGM. Furthermore, in line with the Board of Director’s proposal, shareholders also approved the cancellation of 10 620 280 shares repurchased on the second trading line under the share buy-back programme authorised by the 2016 AGM and to reduce the share capital accordingly by CHF 1 062 028.00, from CHF 36 007 256.10 to
CHF 34 945 228.10.
Speaking at the meeting, Swiss Re’s Chairman, Walter B. Kielholz, said: 2016 was a year of profound changes. However, despite many difficulties, Swiss Re was able to stay on course and deliver good results. Swiss Re is very strong in terms of capital, which allows us to thrive also under increasingly volatile market conditions. In the course of our 153 years of experience, we have shown an undisputed ability to operate successfully in ever-changing and highly challenging situations.”
All proposed members of Board of Directors re/elected; Jay Ralph, Joerg Reinhardt and Jacques de Vaucleroy elected as new members
The Annual General Meeting re-elected the following members of the Board of Directors for a one-year period.
- Walter B. Kielholz (simultaneously re-elected as Chairman)
- Raymond K.F. Ch’ien
- Renato Fassbind
- Mary Francis
- Rajna Gibson Brandon
- C. Robert Henrikson
- Trevor Manuel
- Philip K. Ryan
- Sir Paul Tucker
- Susan L. Wagner
As per the Articles of Association, the Annual General Meeting elects the members of the Board’s Compensation Committee. The following members of the Board of Directors were elected or re-elected to the Compensation Committee:
- Raymond K.F. Ch’ien
- Renato Fassbind
- C. Robert Henrikson
- Joerg Reinhardt (new)
At the constituent meeting of the Board, Renato Fassbind was re-elected as Vice-Chairman and as Chairman of the Audit Committee and re-appointed as lead independent, non-executive director. C. Robert Henrikson was re-elected as Chairman of the Compensation Committee, Philip K. Ryan as Chairman of the Finance and Risk Committee, and Susan L. Wagner as Chairman of the Investment Committee.
Compensation of the Board of Directors and Group Executive Committee approved
Shareholders approved in a binding vote on compensation the maximum aggregate amount of compensation for members of the Board of Directors for the time from today’s AGM until the completion of the next AGM in 2018 with 88.48% of the votes cast. In addition, shareholders approved the maximum aggregate amount of fixed and variable long-term compensation for the members of the Group Executive Committee for the following financial year (2018) with 87.15%. Shareholders also approved the aggregate amount of short-term variable compensation for the members of the Group Executive Committee related to the preceding financial year (2016) with 88.98% of the votes cast.
In a consultative vote, the shareholders approved the 2016 Compensation Report with 80.59% of the votes cast.
Shareholders also re-elected PricewaterhouseCoopers Ltd, Zurich, as auditor for a one-year term of office. In addition, Proxy Voting Services GmbH, Zurich, was re-elected as Independent Proxy for a one-year term of office until completion of the next Annual General Meeting.
About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of around 80 offices globally and is rated “AA-” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.