General meeting of VP Bank: all motions approved
The 556 shareholders present at the 53rd ordinary annual general meeting of VP Bank on Friday, 29 April 2016, approved all the proposals made by the Board of Directors: the 2015 annual reports and annual results, the payment of a dividend of CHF 4.00 per bearer share and CHF 0.40 per registered share, and the discharge of the Board of Directors and the auditors. Ernst & Young was re-elected for a further one-year term as Group and statutory auditors.
Re-election and new elections to the Board of Directors
Dr Guido Meier – representative of the largest anchor shareholder, the “Stiftung Fürstl. Kommerzienrat Guido Feger” foundation – has declared that he does not intend to seek re-election and will leave the Board of Directors of VP Bank. “During his 27 years on the Board of Directors, including 15 as Vice Chairman, Dr Guido Meier invariably worked to ensure the well-being of the Bank in line with the will of its founder Guido Feger. With his strong client focus and profound financial expertise, he enriched our committee on a lasting basis. Employee management and the Bank’s corporate culture were also issues to which he attached great importance,” said Fredy Vogt, Chairman of the Board of Directors, in his farewell address. Dr Christian Camenzind, lic. iur. Ursula Lang and Dr Gabriela Maria Payer were also elected as new members of the Board of Directors by a very large majority. In making these additions, the Board of Directors has moved to strengthen its competencies in a targeted manner and ensure long-term succession planning in the Bank’s top management committee. Lic. oec. Markus T. Hilti was re-elected to the Board of Directors of VP Bank for an additional three years and was appointed Vice Chairman at the exceptional meeting of the Board of Directors that followed the annual general meeting.
Limitation of the ratio of fixed to variable remuneration to a maximum of 1 : 2
Against the background of the new regulatory requirements, an increase in the ratio of fixed to variable compensation from the current ratio of 1 : 1 to 1 : 2 is advisable in order to maintain the greatest possible flexibility in shaping a performance-based and competitive remuneration policy. The annual general meeting approved the proposal of the Board of Directors that the ratio of fixed to variable remuneration for all employees subject to the maximum ratio as defined in the Banking Ordinance should be set at a maximum of 1 : 2.
Higher dividend distribution – conversion of bearer shares into registered shares
The annual general meeting approved the distribution of a dividend of CHF 4.00 per bearer share and CHF 0.40 per registered share. Dividends will be paid out on 6 May 2016. The dividends are based on the Bank’s dividend policy laid down by the Board of Directors. The goal is constant development of dividends. The Board of Directors of VP Bank based the proposed dividends for the 2015 financial year on the higher profit of CHF 64.1 million. The annual general meeting also approved the proposal of the Board of Directors that the Articles of Incorporation be changed for the conversion of bearer shares into registered shares. Developments at an international level necessitate greater transparency regarding the ownership structures of legal entities. In this context, the Board of Directors proposed that the listed VP Bank bearer shares each with a nominal value of CHF 10.00 be converted into registered shares A with the same nominal value. The existing, non-exchange-listed registered shares with a nominal value of CHF 1.00 remain unchanged as registered shares B and will not be traded on the stock exchange in future either. The first trading day for the registered shares A will be 6 May 2016.
Pushing forward with growth
In April of this year, VP Bank celebrates its 60th anniversary. During its history, the friendly local Liechtenstein-based bank has developed into a dynamic, globally active financial services provider. “Growth will remain a key issue in the coming years. We will thus continue to push forward with our efforts to improve the quality of our client management in a systematic fashion,” says Fredy Vogt, Chairman of the Board of Directors of VP Bank Group. “Furthermore, we will also continue to take advantage of market opportunities in a targeted manner in order to invest in growth through acquisitions.” A significant focus for growth is the merger with Centrum Bank in Liechtenstein, which was successfully completed by the start of 2016. During the current year, VP Bank will place special emphasis on further developing the fund business, strengthening its position in the intermediary business, expanding the Bank’s international business and advancing its new digital services. Thanks to its skilled and motivated employees, VP Bank Group is well positioned to successfully master these challenges. The Bank also continues to boast a very solid capital base, allowing it to actively exploit changes in the financial sector.