Ageas - EGM 22 October 2020
Given the current situation and the measures installed by the Belgian authorities to contain the spread of the Covid-19, Ageas calls on its shareholders to take into account the context and these measures. Ageas therefore strongly advises them not to physically attend the Meeting and to cast the vote in advance of the Meeting, using the voting form or proxy model provided.
Mr. Hans De Cuyper will succeed Bart De Smet as CEO of Ageas with effect from 22 October 2020. At the same time, Mr. Bart De Smet will become the Chairman of the Group replacing Mr. Jozef De Mey who recently announced his decision to step down. Under ITEM 4, it is proposed to position the base compensation of the CEO of Ageas within a range of EUR 650 000 to EUR 900 000 gross/year and to fix it as of 1 November 2020, at EUR 650 000 /year. The increase in the remuneration range for the new CEO seems to us unjustified, even though the fixed remuneration for 2020 is actually lower than that paid to the predecessor. Our negative recommendation on the remuneration policy because of general lack of disclosure in last AGM and the increase in the fixed remuneration range without clear justification lead us to reaffirm our OPPOSITION. [The results of the extraordinary part of the AGM of 20 May 2020 are not available on the company's website.]
Ageas is an insurance company engaged in providing a range of life and non-life products distributed through a variety of channels. Co. focuses on helping its customers to mitigate risks related to property, casualty, life and pensions. Co. serves its customers through a combination of wholly owned subsidiaries, equity associates and partnerships, with financial institutions and distributors in Belgium, the U.K., Luxembourg, Italy, Portugal, Turkey, France, China, Malaysia, India, Thailand and Hong Kong. Co. is organized into five operating segments: Belgium, U.K., Continental Europe, Asia, and General Account.
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