Swiss private banking group EFG International will propose a dividend of CHF0.30 ($0.31) per share at its annual general meeting (AGM) despite regulatory pressure to curb the same in the wake of the Covid-19 pandemic.
“This is unchanged from the dividend distributed in the prior year,” the bank stated.
The AGM is slated to be conducted on 29 April 2020.
With this move, EFG follows the footsteps of other Swiss banks who have retained dividend distribution despite the crisis triggered by Covid-19.
Earlier, Credit Suisse still plans to pay out its 2019 dividend while UBS intends to distribute a 2019 dividend that is over half of its yearly profit.
AGM to be devoid of public attendance
The private bank will carry out the AGM this year without any attendees due to Covid-19.
Shareholders cannot be physically present at the AGM and have to execute their voting rights through the independent proxy.
New chairman nomination
The bank’s chair of the board of directors John Williamson will not stand for re-election at this AGM.
Peter Fanconi will be nominated in Williamson’s place.
An 18-year EFG veteran, Williamson has previously served as the firm’s CEO. He has been the board chair at the firm since 2016.
He will remain with the business as a strategic adviser.
Meanwhile, Fanconi presently chairs the supervisory board of BlueOrchard Finance and Graubündner Kantonalbank.
Besides, Amy Yip and Carlo Lombardini will stand for nomination to EFG’s board of directors.
The pair, along with Fanconi, will be nominated for a one-year office term.
All other board members will be nominated for an additional term of one year.