Baloise shareholders vote in favor of scrapping 2% voting ceiling
BASEL, Switzerland, April 26 (Reuters) -Shareholders of BaloiseBALN.S on Friday voted to scrap a 2% ceiling on voting rights at the Swiss insurer, dealing a blow to the company's board, which had opposed it.
Baloise investor zCapital had pushed to change the rules, arguing it would make the Swiss group more attractive, and its proposal was backed by influential proxy advisers including Institutional Shareholder Services (ISS) and Glass Lewis.
Shareholders currently have no more than 2% of votes, irrespective of the size of their stake, meaning that major investors like BlackRock BLK.N or UBS UBSG.S cannot fully bring their weight to bear on decision-making.
Reporting by Oliver Hirt; Editing by Noele Illien
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