NIKKEI 225
38,116.86 +155.06 (+0.41%) HANG SENG
16,469.29 +217.45 (+1.34%) CRUDE OIL
82.90 +0.21 (+0.25%) GOLD FUTURES
2,388.10 -0.30 (-0.01%) DOW
37,753.31 -45.66 (-0.12%) Bitcoin GBP
49,635.71 -1,482.90 (-2.90%)
Bâloise Holding AG (BLHEY)
- Reuters
Baloise investor gaining support in campaign to lift voting cap
Baloise investor zCapital has won broad support for its campaign to change the voting regulations at the Swiss insurer, the asset manager said on Tuesday. zCapital, which owns a 0.7% stake in Baloise, wants to abolish a 2% ceiling on voting rights, arguing it would make the insurer more attractive to investors. The proposed reform is the latest attempt to overhaul corporate governance at Swiss companies that are often protected from shareholder pressure by complex share structures, voting rules and large family holdings.
- Reuters
Second proxy adviser backs plan to change Baloise voting rights
A shareholder push to change the statutes of Swiss insurer Baloise has gathered more support as proxy adviser Institutional Shareholder Services (ISS) threw its weight behind the plan after its peer Glass Lewis also backed the initiative. Baloise investor zCapital is seeking to change rules that set a 2% ceiling on voting rights at the firm, arguing the amendment would make the Swiss group more attractive. In a report seen by Reuters on Tuesday, ISS said it backed the principle of "one share, one vote," after Glass Lewis said a day earlier it was supporting the zCapital proposal.
- Reuters
UPDATE 1-Pressure grows on Swiss insurer Baloise to change voting rules
Shareholder pressure is growing on insurer Baloise to change its voting rules, with influential proxy advisor Glass Lewis backing one investor's bid to remove a 2% ceiling on voting rights, saying it would make the Swiss group more attractive. Baloise shareholders have no more than 2% of votes, irrespective of how big their stake is, meaning that major investors like BlackRock or UBS cannot fully bring their weight to bear on decision-making. In its view, lifting the curbs would make Baloise more attractive for long-term financial investors.
