Three shareholder resolutions jointly submitted by ethos, Pax insurances and the Tschudi family at the annual shareholders’ meeting of Zurich Financial Services on 16 May 2002 received wide support. The results of the votes are the following:
1st resolution (reduction of the term of office of members of the Board of Directors to 2 year) : 27.4% in favour.
2nd resolution (individual election of directors) : 99.1% in favour.
3rd resolution (prohibition for the Chairman of the Board to simultaneously occupy the position of CEO) : 37.3% in favour.
The results are a great success for shareholder democracy. They also demonstrate that the shareholder community is increasingly aware of the fact that good corporate governance is an essential factor to ensuring a company’s success.
Similar resolutions will be submitted by ethos at the shareholders’ meeting of CS Group on 31 May 2002.
