Second voting rights advisor supports Baloise voting rights change plan By Reuters

ZURICH (Reuters) – A shareholder push to change Swiss insurer Baloise’s legislation gained further support after proxy advisor Institutional Shareholder Services (ISS) gave a boost to the plan after colleague Glass Lewis also backed the plan. .

Baloise investor zCapital is seeking to change rules that cap companies’ voting rights at 2%, arguing the amendments would make the Swiss group more attractive. Shareholders can vote on zCapital’s proposal on April 26.

In a report seen by Reuters on Tuesday, ISS said it supported the “one share, one vote” principle after Glass Lewis said a day earlier that it supported the zCapital proposal. ISS did not immediately respond to a request for comment on the report.

Baloise shareholders have voting rights of no more than 2%, regardless of the size of their stake. This means that major investors like BlackRock (NYSE:) or UBS cannot exert their full influence on decisions.

Baloise’s board recommended rejecting the proposal, arguing that lifting voting restrictions was not in the long-term interests of the company and most shareholders. A company spokeswoman said it had taken note of ISS’ recommendations.

Voting rights restrictions can be used to protect a company from unwanted takeover attempts.

Basel-based Baloise intends to submit its own proposal in 2025 to change voting rights restrictions.