Summary
This 8-K filing from ACE Limited (now Chubb Ltd) on July 10, 2008, reports on key resolutions approved by shareholders at the company's annual general meeting held on July 10, 2008. The primary focus is the shareholder approval of proposals that will facilitate the company's re-domestication from the Cayman Islands to Zurich, Switzerland. This strategic move is designed to alter the company's legal domicile and is a significant step in its corporate structure evolution. In addition to the re-domestication, shareholders also approved amendments to the company's governing documents. These include changes to permit de-registration from the Cayman Islands, and to require the preparation and annual provision of an unconsolidated balance sheet on a "mark-to-market" basis for the company's investments in its subsidiaries. The par value of Ordinary Shares was also adjusted. The meeting was adjourned to finalize these and other related matters.
Key Highlights
- 1Shareholders approved resolutions enabling ACE Limited's re-domestication from the Cayman Islands to Zurich, Switzerland.
- 2Amendments to the Memorandum and Articles of Association were approved to facilitate the de-registration from the Cayman Islands.
- 3Shareholders approved a requirement for annual provision of an unconsolidated balance sheet valuing subsidiary investments on a 'mark-to-market' basis.
- 4The par value of the company's Ordinary Shares was approved to be changed.
- 5The annual general meeting was adjourned to July 14, 2008, to further process these approved resolutions.