Baloise Shareholders Abolish Voting Restrictions

Fri, Apr 26th 2024

Baloise shareholders have voted to remove voting and registration restrictions.

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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