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Annual Report 2016

Work methods of the Board of Directors and its committees

Convening meetings and invitation

Swiss Re Ltd’s Board of Directors oversees governance, audit, compensation, finance and risk and investment and is supported in this responsibility by its committees. The entire Board of Directors and its committees meet at the invitation of the Chairman of the Board of Directors as often as business requires or at least quarterly. Any member of the Board of Directors or the Group EC may, for a specific reason, require the Chairman to call an extraordinary Board of Directors or committee meeting. The members of the Board of Directors ensure that they are able to fulfil the responsibilities of their position even in periods when there are increased demands on their time. The Chairman defines the agenda for each meeting and therefore works closely with the chairpersons of the committees and the Group CEO. The agenda, along with any supporting documents, is delivered to the participants as a rule at least ten calendar days in advance of a meeting in order to allow enough preparation time. The Chairman may determine a Board of Directors meeting be held on an ad hoc basis, if circumstances require.

Resolutions and quorum

With regard to Board meetings, a quorum is constituted if at least either the Chairman or the Vice Chairman or the Lead Independent Director is present in person or participate by telephone or video conference, as well as the majority of the members of the Board of Directors. As regards Board committee meetings, a quorum shall be constituted if the majority of the Board committee members are present or participate by telephone or video conference.

Resolutions are adopted by majority vote. In the event of a tie at Board meetings, the Chairman’s vote is decisive. In the event of a tie at Board committee meetings, the item shall be submitted to a vote by the entire Board of Directors.

Board and committee meetings deal with the items on the agenda incorporating presentations by members of the Group EC and, where needed, by subject matter experts or outside advisers. It is contemplated for every meeting that an executive session is held for discussions between the Board of Directors and the Group CEO.

Board of Directors and Board committee meetings in 2016 – overall attendance rate of 97.8%

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Body

Number of meetings Average duration Average attendance (of Board members)

Invitees in advisory capacity, in addition to members

1

In addition, two decisions by circular resolution.

2

In addition, one decision by circular resolution.

3

The human resources consulting firm Mercer and the law firm Niederer Kraft & Frey Ltd (NKF) provided support and advice for compensation issues during the reporting year. Representatives of Mercer participated in all committee meetings in 2016, representatives of NKF in five meetings.

Board of Directors

11 meetings1
4 hours
97.7%

Group EC members, Group Chief Legal Officer, Company Secretary

Chairman’s and Governance Committee

6 meetings2
2 hours
93.2%

Group CEO, Company Secretary

Audit Committee

8 meetings
3 hours
100%

Group CEO, Group CFO, Group CRO, Group COO, Group Chief Legal Officer, Chief Compliance Officer, Head Group Internal Audit, Chief Accounting Officer, Lead auditors of external auditor, Company Secretary

Compensation Committee

6 meetings
3 hours
100%

Group CEO, Group COO, Chief Human Resource Officer, Head Reward, Advisers3

Finance and Risk Committee

6 meetings
4 hours
97.8%

Group CEO, Group CFO, Group CRO, Group Chief Strategy Officer, Group Chief Underwriting Officer, Group Chief Investment Officer, Group COO, Group Treasurer, CEO Reinsurance, CEO Corporate Solutions, CEO Life Capital, Company Secretary

Investment Committee

5 meetings2
3 hours
96.3%

Group CEO, Group CFO, Group CRO, Group Chief Strategy Officer, Group Chief Investment Officer, Head Financial Risk Management, CFO Asset Management, Company Secretary

Furthermore, private sessions are held for discussions involving all members of the Board of Directors only.

The Board of Directors and its committees can also adopt resolutions by written agreement if no member of the Board of Directors requests a discussion of the topic. A circular resolution may be adopted only, if all the members sign the circular resolution or answer the e-mail respectively. A circular resolution shall be passed if the majority of the total number of Board members (or Board committee members) express their agreement or disagreement with the resolution.

Each committee provides a report of its activities and recommendations following a committee meeting at the next Board of Directors meeting. If any significant topic comes up, the committees contact the Board of Directors immediately. It is the responsibility of each committee to keep the full Board of Directors informed on a timely basis as deemed appropriate.

Minutes are kept of the discussions and resolutions taken at each meeting of the Board of Directors and its committees.

The above table provides an overview of the meetings of the Board of Directors and its committees held in 2016.

Individual attendance rates of Board members1:
Board of Directors and Board committee meetings in 2016

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Attendance in %

Number of Board members (Total 14 members2)

1

The attendance rate for the Board members was calculated relative to the meetings taking place during their term of office.

2

Includes members who stepped down from the Board of Directors during the year.

100

10

95–99.9

2

90–94.9

85–89.9

1

80–84.9

1