Gjensidige Forsikring – AGM 25 May 2020
In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 8c 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.
Under ITEM 9a (6) the nomination committee proposes to newly appoint Mr. Tor Magne Lønnum as Member of the board of directors. Based on the available information, Mr. Lønnum would qualify as independent board member in accordance with provision 8 of the Norwegian Code of Practice for Corporate Governance. On the other hand, ECGS has concerns over his aggregate time commitments. Mr. Lønnum is already serving as CFO of Falck A/S (executive position) and non-executive director of TGS-Nopec ASA (listed). Taking his (proposed) appointment at Gjensidige Forsikring ASA (listed) into consideration, the number of mandates held would exceed ECGS'guidelines. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE.
There are no further peculiarities.
Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.
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