Reinsurance News

Swiss Re shareholders approve new board members, buy-back & dividend plans

23rd April 2018 - Author: Matt Sheehan

At the company’s Annual General Meeting (AGM) in Zurich, Swiss Re’s shareholders approved all proposals put forward by the Board of Directors, which included the election of three new board members, a public share buy-back plan, and a 3.1% increase in regular dividend to CHF 5.00 per share.

Swiss Re logoShareholders authorised a CHF 1.0 billion public share buy-back programme, which was proposed in March alongside adjustments to regular dividend rates.

They also endorsed the election of new board members Karen Gavan, Eileen Rominger and Larry Zimpleman, and re-elected all proposed members, including Walter B. Kielholz as Chairman of the Board.

The shareholders also approved the maximum amount of compensation for the members of the Board of Directors with 88.15% of the votes cast.

Additionally, proposals to the cancel 10,832,816 shares repurchased in a 2017 buy-back programme were approved, along with proposals to reduce the share capital accordingly by CHF 1,083,282.

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Speaking at the meeting, Swiss Re’s Chairman, Walter B. Kielholz, said: “2017 was a very challenging year for us. Major natural catastrophes clearly demonstrated again the importance of well-capitalised reinsurers such as Swiss Re.

“That is precisely why we are here: to serve as shock absorbers for our clients in high-loss years, reliably supporting them with our capital strength.“

1,138 shareholders participated in Swiss Re’s AGM this year, representing 67.0% of total voting shares.

In addition to Kielholz, shareholders at the AGM re-elected Raymond K.F. Ch’ien, Renato Fassbind, Trevor Manuel, Jay Ralph, Joerg Reinhardt, Philip K. Ryan, Sir Paul Tucker, Jacques de Vaucleroy, and Susan L. Wagner to the Swiss Re Board of Directors for a term of 1 year.

Vaucleroy was also elected as Chairman of the Compensation Committee, while Ch’ien, Fassbind, and Reinhardt were re-elected to their respective Committee roles.

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