Aegon – AGM 15 May 2020
In general, Aegon is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 3.3 approval is sought for the Company's remuneration policy. Although the Aegon's executive compensation in the year under review has been in line with the applicable Dutch regulations, ECGS considers the pension benefits of the company CEO significantly above Dutch market practice and/or sector average. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 8.1 authority is sought for a capital reduction by cancellation of part of its holding of treasury shares. In ECGS'view, a reduction of share capital by cancellation of shares is a technical issue that does not negatively impact shareholder interests. As a matter of principle, ECGS will only oppose share cancellations which significantly deplete cash flow provided that a company is not able to pay a dividend. However, whereas ECGS acknowledges that the company is currently well capitalised, it considers that it should wait until next year to cancel its repurchased shares. In case there is a further deterioration of the market, Aegon could decide to re-issue the treasury shares to strengthen its capital base. Therefore, ECGS recommends to OPPOSE.
Under ITEM 8.4 authorisation is sought to repurchase own shares. Although the authority requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.
Finally, ECGS notes that Mr. Lard Friese will succeed Mr. Alexander Wynaendts as company CEO as of this AGM.
AEGON is a holding company. Through its subsidiaries, Co. provides life insurance and pensions operations in more than 20 countries in the Americas, Europe and Asia and is also active in savings and asset management operations, accident and health insurance, general insurance and to a limited extent banking operations. Co. operates through the following segments: the Americas (which includes the U.S.A., Mexico and Brazil); the Netherlands; the United Kingdom; Central & Eastern Europe; Spain and Portugal; Asia and Aegon Asset Management.
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