Aegon has unveiled a “US-aligned” governance framework, agreed to by its major shareholder Vereniging Aegon, to accompany it relocating its legal seat to Delaware.
The Bermuda-regulated group said amending its byelaws would allow it to meet US market standards of governance.
The framework eliminates Aegon’s tiered board structure, institutes annual elections for all directors from 2030, initiates annual advisory ballots on remuneration, simplifies the capital structure and voting rights of Vereniging Aegon, and authorises a fresh class of preferred equity “customary for US-listed companies”.
Vereniging Aegon will be renamed Vereniging Aegon Americas, will keep its 18.4% share of Aegon, and donate €500m ($582m) to a remodelled charitable organization supporting Aegon’s Dutch charitable activities.
Aegon’s chief executive Lard Friese said this “important step” would soon be presented to stakeholders, for their input.
Last August he explained putting its legal domicile and main office in the US would align its legal domicile, tax residency, accounting standard and regulatory framework with the geography where it conducts the majority of its business.
People:Lard Friese