Munich Re – AGM 29 April 2020
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by way of postal voting, particularly via electronic communication, or by granting authorisation to the proxies designated by the Company or other proxies.
In line with German law, the auditor of an insurance company like Munich Re is not appointed by the AGM but by the Supervisory Board.
Item 2: In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Thus, although we would not have had an unfavourable opinion on the present dividend distribution in a different environment, as it is covered by earnings and free cash flow, we will not have a negative opinion if the Company changes the amount distributed to shareholders. In the meantime, we exceptionally recommend shareholders to vote ABSTAIN.
Item 6: The Company proposes to prematurely renew the authorisation to acquire its own shares. ECGS considers that the potential impact of the Covid-19 induced crisis is not yet known and that it is not the right moment to proceed with a new share buyback programme. As the current authorisation to acquire treasury shares is still valid until 24 April 2023 and has not yet been fully made use of, we recommend opposition.
Muenchener Rueckversicherungs-Gesellschaft is engaged in reinsurance, primary insurance and asset management. Co.'s international life business is written in the Life Division. The Global Clients and North America division manages accounts with international insurance groups. The Europe and Latin America division manages property-casualty business in Europe, Latin America and the Caribbean. The Germany, Asia Pacific and Africa division conducts property-casualty business in Germany, Africa, Asia, Australia and the Pacific Islands. The Special and Financial Risks division manages the classes of credit, aviation and space, agriculture, enterprise and contingency risks.
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