25 April 2016 News

Swiss Re shareholders approve all proposals at AGM

Swiss Re's shareholders have approved all proposals put forward by the board of directors at its Annual General Meeting (AGM) held in Zurich.

This included the increase in regular dividend to Sfr4.60 ($4.72) per share and a new public share buyback programme of up to Sfr 1 billion purchase value.

For the second time, shareholders also approved in a binding vote the compensation of the members of the board of directors and the group executive committee.

Some 1,422 shareholders participated in this year's AGM. Of the total voting shares, 65.6 percent were represented and the company's annual and consolidated financial statements for 2015 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 Sfr1 billion purchase value which can be exercised at any time ahead of the 2017 AGM.

Furthermore, in line with the Board of Director's proposal, shareholders also approved the cancellation of 10, 634, 370 shares repurchased on the second trading line under the share buy-back programme authorised by the 2015 AGM and to reduce the share capital accordingly by Sfr 1, 063, 437.00, from Sfr 37, 070, 693.10 to Sfr 36, 007, 256.10.

All proposed members of Board of Directors were re-elected and Sir Paul Tucker was elected as a new member.

The re-elected members of the Board, for a one-year period, are Walter Kielholz (simultaneously re-elected as chairman), Raymond Ch'ien, Renato Fassbind, Mary Francis, Rajna Gibson Brandon, Robert Henrikson, Trevor Manuel, Carlos Represas, Philip Ryan, and Susan Wagner.

As per the Articles of Association, the AGM elects the members of the Board's Compensation Committee. The following Directors were elected or re-elected to the Compensation Committee: Renato Fassbind, Robert Henrikson, Carlos Represas, and Raymond Ch'ien.

At the constituent meeting of the Board, Renato Fassbind was re-elected as vice chairman and elected as chairman of the Audit Committee and appointed as lead independent, non-executive director.

Robert Henrikson was elected as chairman of the Compensation Committee.

Speaking at the meeting, Kielholz, Swiss Re chairman, said: "2015 was a very successful year for Swiss Re and we are confident about the long-term prospects for our business. However, the environment we operate in continues to be challenging.

“The updated strategic direction and priorities we presented in December 2015 position us well to continue to focus on our success in the short term without losing sight of our long-term opportunities and profitability."

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