Swiss Re Seeks More Time to Diversify

Swiss Re shareholders are being encouraged to reject its chair for another term. A proxy advisor says there are too few women on the board. 

The Zurich-based insurer's lack of diversity is causing concern for influential proxy advisor ISS, the «Financial Times» (behind paywall) reports. At Swiss Re, one of the world’s biggest reinsurers, women hold less than a quarter of board positions, lagging the industry benchmark of at least 30 percent.

ISS is encouraging investors to vote against the board’s proposal to re-elect Sergio Ermotti at its annual general meeting (AGM) on April 13. Ermotti became the board's chair in April of last year after serving for nine years as the CEO of Switzerland’s largest bank UBS. He also heads Swiss Re’s nomination committee.

In the Best Interests

Earlier this month, Swiss Re said that it would increase female representation on the board to 30 percent in time for next year’s AGM.

Swiss Re is backing him, saying «we strongly believe that Mr. Ermotti’s measured approach to succession planning and assuring gender diversity is in the best interests of shareholders and Swiss Re.»