Sunday, January 29th, 2023

Proxy advisory firm requires vote towards Swiss Re chair

Proxy advisory company calls for vote against Swiss Re chair

Institutional Shareholder Companies (ISS) is urging Swiss Re traders to not have Sergio Ermotti re-elected as chair.

A report by the Monetary Times mentioned ISS described Swiss Re’s board as “insufficiently gender-diverse,” with the proxy advisory agency recommending that shareholders of the most important reinsurer oppose the board’s proposal to maintain Ermotti’s chairmanship.

Swiss Re, which is holding its annual common assembly (AGM) on April 13, is overseen by a board of administrators made up of 10 males and three girls.

On March 17, the corporate said: “Consistent with Swiss Re’s variety, fairness, and inclusion technique, the board of administrators locations a selected significance on growing the proportion of ladies in management positions.

“Subsequently, gender variety performs a key function in all new board appointments. On the 2022 AGM, to additional underline this conviction, the board of administrators will formally decide to growing the feminine illustration at board degree to at the least 30% by the 2023 AGM.”

ISS, nonetheless, maintains its stand, citing years of Swiss Re not assembly the minimal 30% business benchmark.        

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