This included a 12% increase in the regular dividend to CHF 5.60 per share and the authorisation of a new public share buy-back programme consisting of two tranches of each up to CHF 1.0 billion purchase value.
The shareholders also approved in a binding vote the compensation of the members of the Board of Directors and the Group Executive Committee.
1,205 shareholders participated in this year's Annual General Meeting. Of the total voting shares 65.2% were represented and the company's annual and consolidated financial statements for 2018 were approved.
In addition, the shareholders discharged all members of the Board of Directors serving in 2018. Swiss Re's shareholders also authorised the new public share buy-back programme consisting of two tranches of each up to CHF 1.0 billion purchase value.
Furthermore, shareholders also approved the reduction of the share capital by CHF 1,121,476.10, from CHF 33,861,946.50 to CHF 32,740,470.40 for the purpose of cancelling 11,214,761 shares repurchased on the second trading line under the public share buy-back programme authorised by the 2018 AGM.
The shareholders also approved the renewal of the authorisation to issue shares under authorised capital for another two years up to 17 April 2021 and the corresponding amendments of the Articles of Association.
Speaking at the meeting, Swiss Re's Chairman, Walter B. Kielholz, said: "Even though the current global economic situation harbours numerous uncertainties, we are optimistic for Swiss Re. We are well positioned to act quickly when needed and to achieve our strategic goals thanks to our capital strength, a global presence, and the expertise and innovative capabilities of our employees."
All proposed members of Board of Directors re-elected
The Annual General Meeting re-elected the following members of the Board of Directors for a one-year period.
In addition, the following members of the Board of Directors were, as required by the Articles of Association, re-elected to the Compensation Committee:
At the constituent meeting of the Board, Renato Fassbind was re-elected as Vice-Chairman and as Lead Independent Director.
Compensation of the Board of Directors and Group Executive Committee approved
- Walter B. Kielholz (simultaneously re-elected as Chairman)
- Raymond K.F. Ch'ien
- Renato Fassbind
- Karen Gavan
- Trevor Manuel
- Jay Ralph
- Joerg Reinhardt
- Eileen Rominger
- Philip K. Ryan
- Sir Paul Tucker
- Jacques de Vaucleroy
- Susan L. Wagner
- Larry Zimpleman
- Raymond K.F. Ch'ien
- Renato Fassbind
- Joerg Reinhardt
- Jacques de Vaucleroy
Compensation of the Board of Directors and Group Executive Committee approved
Shareholders approved the maximum aggregate amount of compensation for the members of the Board of Directors for the term of office from the AGM 2019 until the completion of the AGM 2020 with 89.98% 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 (2020) with 87.59%. Shareholders also approved the aggregate amount of variable short-term compensation for the members of the Group Executive Committee related to the preceding financial year (2018) with 89.57% of the votes cast.
In a consultative vote, the shareholders approved the 2018 Compensation Report with 89.92% 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.
In a consultative vote, the shareholders approved the 2018 Compensation Report with 89.92% 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.
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