Annual general meeting of VP Bank approves all proposals
The shareholders of VP Bank approved all proposals of the Board of Directors by a large majority. They voted to approve the 2024 annual reports of VP Bank Group and VP Bank Ltd and discharged the members of the Board of Directors, the Executive Board and the statutory Auditors. A total of 380 shareholders were present.
Attractive dividend
The annual general meeting approved the appropriation of profit proposed by the Board of Directors and passed a resolution for the payout of a dividend of CHF 4.00 per registered share A and CHF 0.40 per registered share B. The dividends will be paid out on 2 May 2025. At 134.0 per cent of group net income, the dividend payout ratio is once again above the long-term target range of 40 to 60 per cent set by the Board of Directors. However, the very high capitalisation enables a dividend above the target range to be paid out again this year, with a dividend yield of 5.2 per cent.
Re-election and new elections to the Board of Directors
Regarding new elections, the annual general meeting approved the proposal to elect Dr Stephan Ochsner to the Board of Directors. Dr Stephan Ochsner has decades of experience at financial service providers and from his supervisory activities as Head of the Liechtenstein Due Diligence Office and CEO of the Financial Market Authority Liechtenstein. He has been owner of Ochsner Consulting Establishment in Vaduz since 2013. He is also admitted to the bar in Switzerland and Liechtenstein. He is the Managing Director of the Association of Independent Asset Managers in Liechtenstein, an investigator for the Liechtenstein Institute of Professional Trustees and Fiduciaries and a member of the Board of Directors of Mimo Capital AG, Vaduz.
The annual general meeting also approved the proposal to appoint Barbara Ofner to the Board of Directors. Barbara Ofner is an independent consultant on regulatory, compliance and governance issues and a lecturer at various universities of applied sciences. She has gained extensive expertise in her fields of specialisation during her 25-year career as a consultant and lawyer. She is a member of the Board of Directors of Basellandschaftliche Kantonalbank, Liestal, and a member of the Board of Directors of Bridport & Cie SA, Geneva.
Dr Mauro Pedrazzini, whose mandate has expired, was re-elected as a member of the Board of Directors.
Amendments to the Articles of Association and authorisation to acquire treasury shares
The annual general meeting approved the amendments to the Articles of Association regarding the term of office of the members of the Board of Directors and regarding announcements. From next year, the members of the Board of Directors proposed for election or re-election will be elected for one year instead of the previous three years. This change is based on the best practice standards of Swiss corporate governance. In addition, the provisions on announcements made by the business set out in the Articles of Association were adjusted to meet the current legal requirements.
The annual general meeting also approved the authorisation expiring this year to acquire own registered shares A and registered shares B, up to a maximum of 10 per cent of the share capital. The authorisation is valid for five years; a specific share buyback programme requires the approval of the Financial Market Authority Liechtenstein.
