Zurich:
Swiss Re’s Chairman Walter B. Kielholz said“Despite the current circumstances, business is running without interruptions at Swiss Re as we continue to handle claims, renew contracts,share our knowledge and innovate. While at this point we assess the financial impact of the current crisis on Swiss Re as absolutely manageable, we run our business and allocate capital with the prudence that current volatility calls for.''
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 a 5 per cent increase in the regular dividend to CHF 5.90 per share and the authorisation of a new public share buyback programme of up to CHF 1.0 billion purchase value.
In line with the preventive measures announced by the Swiss Federal Council, the AGM took place without shareholder presence. Shareholders were able to exercise their voting rights by providing instructions to the independent proxy,
In light of the current volatility in the financial markets and global economic situation precipitated by the COVID-19 pandemic, at its post-AGM meeting the Board of Directors concluded that the share buyback programme will not be launched.
The candidates who were elected as new members to the Board of Directors of the second largest reinsurer for a one-year period include Sergio P. Ermotti,,Joachim Oechslin and Deanna Ong.