2023 European Proxy Season Review (Switzerland edition)

Morrow Sodali 2023 European Proxy Season Review
France | Germany | Greece | Ireland | Italy | Portugal | Spain | Switzerland | United Kingdom

Morrow Sodali is pleased to share its review of the 2023 Proxy Season in Switzerland. This comprehensive review highlights several key trends in corporate governance and shareholder engagement.

This Review highlights the impact of regulatory changes, particularly the reform of the Swiss Code of Obligations, which allows Swiss issuers to hold virtual-only general meetings with shareholder approval. Although many companies sought such authorization, most chose to continue with physical meetings in 2023. This underscores the importance of upholding shareholder rights and responsiveness to shareholder expectations, especially in the context of virtual meetings, where free float approval averaged 78%.

The Review also covers board composition and director elections, where board independence remained high, and support for director proposals slightly decreased. Gender diversity improved, aligning with higher investor expectations. Additionally, remuneration-related votes are analysed, noting lower support for remuneration reports due to transparency expectations, while budget resolutions received strong approval. The inclusion of ESG metrics in long-term incentive plans is on the rise, reflecting companies' growing comfort with sustainability targets.

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