Results of the Valartis Group Ordinary General Shareholders' Meeting 2013
(Thomson Reuters ONE) -
Valartis Group AG /
Results of the Valartis Group Ordinary General Shareholders' Meeting 2013
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At the 25th Ordinary General Shareholders' Meeting of Valartis Group AG, which
took place on 14 May 2013 at the Renaissance Zurich Hotel in Zurich-Glattpark,
55 of the shareholders in attendance approved all proposals put forward by the
Board of Directors. Of the total of 5,000,000 bearer shares with a nominal value
of CHF 1.00 each, 2,997,633 or 60.0 per cent of the share capital and voting
rights were represented at this year's Ordinary General Shareholders' Meeting.
All proposals approved
The 2012 Consolidated Financial Statements and Consolidated Annual Report of
Valartis Group as well as the 2012 Financial Statements and Annual Report of
Valartis Group AG were approved by a large majority of the shareholders and all
members of the Board of Directors received their discharge.
The Shareholder's Meeting also approved the Board of Director's proposed
approbation of retained earnings and decided to distribute a dividend of CHF
1.00 per bearer share in Valartis Group AG (securities no. 184.045). This
corresponds to a pay-out ratio for the shareholders of Valartis Group AG of 74
per cent or a dividend yield of 5.0 per cent. The dividend will be paid out free
of charge - but reduced by the withholding tax in the amount of 35 per cent -
from 22 May 2013 upon submission of coupon no. 17 at Valartis Bank AG, Zurich,
Switzerland. The ex-dividend date shall be 16 May 2013.
The approval of the federal initiative "against fat-cat payouts" on 3 March
2013 has given rise to new requirements regarding modern corporate governance.
In order to take better account of these, a change to the Articles of
Association at the request of the Board of Directors was approved and the term
of office of new and re-elected members of the Board of Directors was reduced
from three years to one. In doing so, Valartis Group will already this year
adopt the one-year term of office for the members of boards of directors that
will in future be compulsory for all public limited companies. The Swiss
Financial Market Supervisory Authority (FINMA), the consolidated supervision of
which Valartis Group is subject to as a Swiss private banking group, had
provided its general approval for the change to the Articles of Association
prior to the Shareholders' Meeting.
Furthermore, the Shareholders' Meeting elected Mr Felix Fischer (64), a banking
specialist from Niederglatt in the Canton of Zurich, to the Board of Directors
of Valartis Group AG for a term of office of one year. Felix Fischer will
therefore become the fifth member of the Board of Directors, after Prof. Erwin
W. Heri decided, as was announced on 28 March 2013, not to be available for re-
election after a period of ten years in office.
Felix Fischer worked in a variety of functions at UBS between 1965 and 1999, and
was also a member of the group executive board as of 1996. From 2000 until
2002, Felix Fischer was CFO and member of the executive board of PSP Swiss
Property Group. He has been an independent business consultant since 2003, as of
2008 advisor to the Global Property Fund of the Swiss Capital Group. During the
years 1997 to 2012, Felix Fischer was member of the Expert Committee on
Financial Reporting SWISS GAAP FER.
Ernst & Young AG, Zurich, was appointed auditor and Group auditor for a further
one-year term of office.
Still firmly on track due to Valartis Group's strategic refocusing
In his speech on the business performance in 2012, Group CEO Gustav Stenbolt
expressed his general satisfaction with the progress made in implementing the
"Private Banking Plus" strategy, which was launched in 2008 to focus on the
Valartis Group's wealth management business for wealthy private clients and
institutional investors. The further increase in client assets under management
to CHF 7.8 billion at year-end, a rise of 15 per cent year-over-year, as well as
the noticeable improvement in the gross profit show that Valartis Group is on
the right track from both a strategic and operational perspective. Nevertheless,
Valartis Group must continue to work towards increasing earnings volumes and
further improving commission income while also reducing the operational
cost/income ratio to under 75 per cent over the long term by means of targeted
cost-cutting measures, said Stenbolt.
In his summary on the strategic and operational development of Valartis Group
during his term in office, departing Chairman of the Board of Directors Prof.
Erwin W. Heri said he, too, is confident that Valartis Group will achieve its
objectives. Thanks to a range of complementary business activities and a lean
and agile organisation, which enables Valartis to rapidly and flexibly implement
solutions as needed, as well as its committed, well-qualified and business-
minded employees, he believes that the Valartis Group now has a solid foundation
for further growth.
On behalf of the entire Board of Directors, Mr Rolf Müller-Senn, member of the
Board of Directors and designated Vice-Chairman of Valartis Group AG, praised
the achievements of Erwin Heri in a speech expressing the gratitude of the Board
and thanked him for his many years of dedication to Valartis Group.
Urs Maurer-Lambrou, new Chairman of the Board of Directors
In the first meeting of the newly constituted Board of Directors of Valartis
Group AG held subsequently to the Shareholders' Meeting, Urs Maurer-Lambrou was
elected as the new Chairman of the Board of Directors, while Rolf Müller-Senn
was entrusted with the function of Vice-Chairman.
If you have any questions, please contact:
Björn Scheiwiller, Head Corporate Communication
Phone +41 43 336 81 11
Valartis Group - Private Banking Plus
Valartis Group is an internationally active banking and finance group with
offices in Zurich, Geneva, Lugano, Vienna, Liechtenstein, Luxembourg, Moscow,
and Singapore. The Group's holding company, Valartis Group AG, is domiciled in
Baar, canton of Zug, and is listed on the Swiss stock exchange SIX Swiss
Exchange.
Valartis Group focuses on the wealth management business for wealthy private
clients and institutional investors: "Private Banking Plus". In addition to
traditional wealth management and investment advisory, Valartis Group develops,
manages and markets innovative niche investment products and provides
specialised advisory and banking services within corporate and structured
finance. The Group's core markets include Central and Eastern Europe, the Middle
East and selected countries in North and South America as well as Asia.
Media Release (PDF):
http://hugin.info/143135/R/1701813/562058.pdf
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Source: Valartis Group AG via Thomson Reuters ONE
[HUG#1701813]
Unternehmensinformation / Kurzprofil:
Datum: 14.05.2013 - 20:00 Uhr
Sprache: Deutsch
News-ID 260085
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