Ermotti has been on the board of directors of the reinsurer Swiss Re since 2020 and has been president since 2021
(Photo: Bloomberg)
Zurich Swiss Re President Sergio Ermotti has to face headwinds at the Annual General Meeting in April. Influential voting rights advisor ISS urged the reinsurer’s shareholders not to re-elect Ermotti, according to voting recommendations available Wednesday for the April 13 shareholders’ meeting.
ISS spoke out against Ermotti’s re-election “as a signal of concern because the Executive Board does not show enough gender-specific diversity.” It is criticized that Swiss Re does not meet the minimum requirement of 30 percent women on the board. The Financial Times previously reported on it.
Former UBS CEO Ermotti has been at the head of the board of directors for almost a year and, among other things, heads the board’s nomination committee. At the forthcoming Annual General Meeting, three women are up for election to the twelve-member Swiss Re Board of Directors, which would bring the proportion of women to 25 percent.
When asked, Swiss Re said the group was committed to diversity, equality and inclusion. The company has committed to having at least 30 percent women on the board of directors by the 2023 Annual General Meeting. “We firmly believe that Mr. Ermotti’s considered approach to succession planning and ensuring gender diversity is in the best interests of shareholders and Swiss Re,” the group said.
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