Reinsurance giant Swiss Re has revealed the addition of three new members to its Board of Directors, the re-election of all proposed Board Members, as well as an increase in regular dividend and a new public share buy-back programme, all approved by its shareholders.
Swiss Re shareholders have approved the proposed election of Jay Ralph, Joerg Reinhardt, and Jacques de Vaucleroy as new Board members, the reinsurer has announced.
Jay Ralph most recently served on the Board of Management of Allianz, where he also served on various Boards of Directors of Allianz subsidiaries. From 2007 to 2009 Ralph was the Chief Executive Officer (CEO) of Allianz Re, Munich, and President and CEO of Allianz Risk Transfer (ART), Zurich, from 1997 to 2006.
Joerg Reinhardt has extensive experience in board and advisory roles, and has been Chairman of the Board of Directors of multinational pharmaceutical company, Novartis, since 2013. Furthermore, between 2010 and 2013 he was Chairman of the Board of Management and the Executive Committee of Germany’s Bayer HealthCare.
Jacques de Vaucleroy is currently Vice Chairman of the Board of Directors of food retail group, Ahold Delhaize, and member of the Boards of Directors of Fidelity International Limited, and also MyMicroInvest SA. Swiss Re explains that he also serves on the Boards of the Simõn I. Patiño Foundation, and the TADA non-profit organisation.
As well as the addition of three new members, Swiss Re shareholders, at the recent Annual General Meeting, approved the re-election of 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, and Walter B. Kielholz, who was also re-elected as the Chairman of the Board.
Speaking at the 2017 General Meeting, Chairman of the Board, 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.”
Raymond K.F. Ch’ien, Renato Fassbind, C. Robert Henrikson, and new member Joerg Reinhardt were also elected/re-elected as members of the Board’s Compensation Committee.
While “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,” explains Swiss Re.
Swiss Re shareholders, of which 1, 263 participated during this year’s meeting, also approved a new public share buy-back programme of up to CHF 1.0 billion purchase value, which the reinsurer explains can be exercised at any time prior to the 2018 Annual General Meeting.
Furthermore, Swiss Re reveals that shareholders approved a 5.4% increase in regular dividend, to CHF 4.85 per share.