8-K 1 d362936d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

Current Report

Pursuant To Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 19, 2016

 

 

CHUBB LIMITED

(Exact name of registrant as specified in its charter)

 

 

 

Switzerland   1-11778   98-0091805

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

Bärengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 (0)43 456 76 00

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) At the Chubb Limited (“Company”) Annual General Meeting of Shareholders (“annual general meeting”) held on May 19, 2016, the Company’s shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan (“LTIP”). A more complete description of the LTIP is contained in the Company’s proxy statement, dated April 5, 2016, as filed with the Securities and Exchange Commission (“Proxy Statement”), under the heading “Agenda Item 10: Approval of the Chubb Limited 2016 Long-Term Incentive Plan,” which is incorporated herein by reference. The description of the LTIP set forth in the Proxy Statement is qualified in its entirety by reference to the complete text of the LTIP, which is incorporated herein as Exhibit 10.1 and is incorporated herein by reference.

 

Item 5.03 Amendment to the Articles of Incorporation or Bylaws; Change in Fiscal Year

At the Company’s annual general meeting, the Company’s shareholders approved an amendment to Article 6(a) of the Articles of Association to authorize the Company’s Board of Directors to increase the Company’s share capital within two years following the 2016 annual general meeting to a maximum amount equal to CHF 4,830,000,000, which amount would be divided into 200,000,000 shares. In connection therewith, the amendment limits or withdraws the shareholders’ pre-emptive rights in specified and limited circumstances, all as further described in the Proxy Statement under the heading “Agenda Item 9: Amendment to the Articles of Association Relating to Authorized Share Capital for General Purposes.” The Company’s amended Articles of Association containing the amendment will become effective upon registration with the Commercial Register of the Canton of Zurich, Switzerland (“Swiss Commercial Register”). Subject to the subsequent approval by the Swiss Federal Commercial Register Office, the effective date of such registration is expected to be on or about May 20, 2016.

A copy of the amended Articles of Association is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

 

Item 5.07 Submission of Matters to a Vote of Security Holders

The Company convened its annual general meeting of shareholders on May 19, 2016 pursuant to notice duly given. The agenda items submitted at the annual general meeting were passed. The matters voted upon at the meeting and the results of such voting are set forth below.

The vote required to approve each agenda item noted below is described in the Proxy Statement under the headings “What vote is required to approve each agenda item?” and “What is the effect of broker non-votes and abstentions?”.

 

1. Approval of the management report, standalone financial statements and consolidated financial statements of Chubb Limited for the year ended December 31, 2015

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

410,322,125

    152,827    1,409,546    0

 

2.1 Allocation of disposable profit

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

411,387,402

    173,036    324,060    0

 

2.2 Distribution of a dividend out of legal reserves (by way of release and allocation to a dividend reserve)

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

410,820,835

    758,222    305,441    0

 

2

3. Discharge of the Board of Directors

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

383,727,903

    2,117,128    1,699,181    23,516,606

The voting results for Agenda Item 3 exclude shares held by the Company’s directors and executive officers, who are not permitted by law to vote their shares on the discharge of the Board of Directors.

 

4.1 Election of PricewaterhouseCoopers AG (Zurich) as the Company’s statutory auditor for the year ending December 31, 2016

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

408,968,095

    2,672,736    243,667    0

 

4.2 Ratification of appointment of PricewaterhouseCoopers LLP (United States) as independent registered public accounting firm for purposes of United States securities law reporting for the year ending December 31, 2016

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

408,733,649

    2,889,289    261,560    0

 

4.3 Election of BDO AG (Zurich) as special audit firm until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

411,311,080

    291,528    281,890    0

 

5.1 Election of Evan G. Greenberg as director until the Company’s next annual general meeting

 

Shares Voted
For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

381,424,225

    6,183,812    759,855    23,516,606

 

5.2 Election of Robert M. Hernandez as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

355,865,513

    32,323,223    179,156    23,516,606

 

5.3 Election of Michael G. Atieh as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

383,875,804

    4,287,656    204,432    23,516,606

 

5.4 Election of Sheila P. Burke as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,897,008

    1,272,778    198,106    23,516,606

 

3

5.5 Election of James I. Cash as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,898,263

    1,258,050    211,579    23,516,606

 

5.6 Election of Mary A. Cirillo as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

356,822,969

    30,195,529    1,349,394    23,516,606

 

5.7 Election of Michael P. Connors as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

354,528,287

    33,643,015    196,590    23,516,606

 

5.8 Election of John Edwardson as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

387,119,270

    1,049,932    198,690    23,516,606

 

5.9 Election of Lawrence W. Kellner as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

385,777,869

    2,369,581    220,442    23,516,606

 

5.10 Election of Leo F. Mullin as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,079,316

    2,088,370    200,206    23,516,606

 

5.11 Election of Kimberly Ross as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

387,144,898

    1,045,078    177,916    23,516,606

 

5.12 Election of Robert Scully as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

383,473,379

    4,694,641    199,872    23,516,606

 

5.13 Election of Eugene B. Shanks, Jr. as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,933,532

    1,230,952    203,408    23,516,606

 

4

5.14 Election of Theodore E. Shasta as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,939,778

    1,220,846    207,268    23,516,606

 

5.15 Election of David Sidwell as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,942,917

    1,224,859    200,116    23,516,606

 

5.16 Election of Olivier Steimer as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

387,109,421

    1,052,409    206,062    23,516,606

 

5.17 Election of James M. Zimmerman as director until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

386,309,785

    1,841,415    216,692    23,516,606

 

6. Election of Evan G. Greenberg as the Chairman of the Board of Directors until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

317,333,430

    70,211,073    823,389    23,516,606

 

7.1 Election of Michael P. Connors as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

356,644,202

    31,512,215    211,475    23,516,606

 

7.2 Election of Mary A. Cirillo as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

357,049,264

    31,110,339    208,289    23,516,606

 

7.3 Election of Robert M. Hernandez as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

355,897,205

    32,252,202    218,485    23,516,606

 

7.4 Election of Robert Scully as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

383,591,102

    4,563,377    213,413    23,516,606

 

5

7.5 Election of James M. Zimmerman as Compensation Committee member until the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

384,419,210

    3,704,021    244,661    23,516,606

 

8. Election of Homburger AG as independent proxy until the conclusion of the Company’s next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

411,157,078

    250,375    477,045    0

 

9. Amendment to the Articles of Association relating to authorized share capital for general purposes

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

392,171,809

    19,225,272    487,417    0

 

10. Approval of the Chubb Limited 2016 Long-Term Incentive Plan

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

368,861,379

    19,256,667    249,846    23,516,606

 

11.1 Compensation of the Board of Directors until the next annual general meeting

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

385,171,597

    1,956,642    1,239,653    23,516,606

 

11.2 Compensation of Executive Management for the next calendar year

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

285,833,714

    102,037,897    496,281    23,516,606

 

12. Advisory vote to approve executive compensation under U.S. securities law requirements

 

Shares Voted For

    Shares Voted Against    Shares Abstained    Broker Non-Votes

230,301,347

    157,288,969    777,576    23,516,606

 

6

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit Number

   

Description

  3.1    Articles of Association of the Company as amended
  4.1    Articles of Association of the Company as amended (Incorporated by reference to Exhibit 3.1)
10.1    Chubb Limited 2016 Long-Term Incentive Plan incorporated by reference to Annex A of the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 5, 2016

 

7

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CHUBB LIMITED
By:  

  /s/ Paul Medini

  Paul Medini
  Chief Accounting Officer

DATE: May 20, 2016

EXHIBIT INDEX

 

Exhibit Number

   

Description

  3.1    Articles of Association of the Company as amended
  4.1    Articles of Association of the Company as amended (Incorporated by reference to Exhibit 3.1)
10.1    Chubb Limited 2016 Long-Term Incentive Plan incorporated by reference to Annex A of the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 5, 2016