Baloise Shareholders Abolish Voting Restrictions

Baloise Shareholders Abolish Voting Restrictions

Fri, Apr 26th 2024

Baloise shareholders have voted to remove voting and registration restrictions.

KEYSTONE/Christian Beutler

Voting and registration restrictions are to be abolished at insurer Baloise. At the company’s Annual General Meeting in Basel, the shareholders approved a corresponding proposal.

The zCapital proposal was approved by 78.2% of Baloise shareholders at the meeting on Friday. This exceeded the qualified majority of 75% of votes required for an amendment to the Articles of Association. Only 20.7% of shareholders voted against the Board of Directors’ motion.

Baloise’s Articles of Association previously stipulated that shareholders’ registration and voting rights be limited to a maximum of 2%. The asset manager zCapital had justified its proposals with a strengthening of shareholder democracy and a better balance of interests between shareholders and company management.

A proposal by zCapital to reduce the qualified majority from 75% to two-thirds of votes was also adopted. The proposal received 76.3% approval at the Annual General Meeting.

On the other hand, a proposal by zCapital to allow so-called “nominees”, who hold shares in trust for other shareholders, to hold up to 5% of shares with voting rights did not receive a qualified majority. Only 59.3% of shareholders were in favour of this proposal.

©Keystone/SDA

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