Banks and firms led to a series of say events

The Coronavirus you the event calendar of the banks and the company. UBS and Credit Suisse need to move customer events. The Switzerland-wide, about 230 regio

Banks and firms led to a series of say events

The Coronavirus you the event calendar of the banks and the company. UBS and Credit Suisse need to move customer events. The Switzerland-wide, about 230 regional Raiffeisen banks have their delegates meetings almost cancelled across the Board. And a number of listed companies is moving the annual General meetings. Economy Minister, Guy Parmelin announced that the Confederation for the shareholder meeting's recommendations would make.

"The majority of the Raiffeisen banks have their General or delegates' Assembly moved to the single Decisions are still to come," says a spokeswoman. The Meeting will be rescheduled "as soon as the situation permits". If necessary, this could be also only from the second half of the year.

UBS and Credit Suisse to move customer events

The epidemic has not only impact on internal events. The UBS have postponed until further notice, worldwide customer events or attempts, to conference circuits to avoid, says a spokeswoman. The Credit Suisse reacted in a similar way and customer events in Switzerland in accordance with the requirements of the Federal government, initially until 15. March is cancelled. If possible, these should be defined later, explained a spokesman.

Background are the rules of the Federal office for health. This one has events of more than 1000 persons in Switzerland to 15. Banned in March. Events with more than 150 persons are to be approved by the Canton. With the approach of the Federal government wants to reduce the risk of Infection by the Coronavirus.

For a number of listed companies the is now to the Problem: Because they hold usually in the days of their annual General meetings – and often hundreds of shareholders will come of it. At the Meetings there is an aperitif and a most generous lunch, you can shake the Chairman of the Board of short Hand and meet a lot of like-Minded people.

General meetings of shareholders without the shareholders

But this year everything is different: Several companies have their General assemblies, already been moved – including the mortgage Bank of Lenzburg, the food group Orior and the meat processor Bell. Most of the General meetings of shareholders, however, should take place according to the current condition – even if they threaten to be the spirit of events.

Because the company recommend to its shareholders, prefer to stay at home and to transfer their voting rights to a consultant, the tuning for you. In addition, there are many companies, no aperitif and no lunch. Swisscom explains, for example, shareholders received only a drink and possibly a small Board like a transom.

The private Bank, Vontobel announced that it had decided "with great Regret", the traditional drinks reception following the event to be cancelled. And in the invitation to the AGM of the derivatives provider Leonteq, it means: "For the protection of the health of our shareholders and employees, the doors are exceptionally, only 15 minutes before the beginning of the open, the General Assembly reduced to the legally Necessary (no speeches), and coffee or aperitif waived." For many retail investors is likely to disappear is also an important incentive to participate. Traditionally, many retirees pilgrims assemblies to General. They belong, however, to the Corona-risk group.

Other companies such as Implenia check, the General Assembly at multiple facilities to split and not transmitting Video to time are equal to more than 150 people in a room.

Without a General Assembly, there is no dividend

A cancellation or postponement is for many companies, however, is not an Option. Also, Roche and Schindler are sticking to their plans. Because, especially for larger events, it is difficult to find a short-term venue, if the situation calms down. In addition, this would also make the shareholders Because the dividends are only paid out if the shareholders give to the General Assembly a green light to do so. Without a GM so there is no dividend.

The law stipulates that, in principle, General meetings must take place no later than six months after the end of the fiscal year. A Complete shift to the Internet is also not possible, because that is not legally allowed.

Created: 05.03.2020, 19:05 PM

Updated Date: 05 March 2020, 21:03

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