WATERLOO, ON, May 15, 2015 /CNW/ - Economical Insurance today announced that its 143rd Annual General Meeting (AGM) will be held at 10:30 a.m., Wednesday, June 24, 2015, in the Bingemans Ballroom at 425 Bingemans Centre Drive in Kitchener. The company's 2015 management proxy circular has been mailed to mutual policyholders, along with its annual report for 2014.
Attendance at this AGM is by invitation only.
During this AGM, mutual policyholders will hear from management, receive the financial statements for the year ended December 31, 2014, and vote on the appointment of the external auditor and the election of directors.
As well, mutual policyholders will have the opportunity to confirm and ratify the company's By-law A.5 (Advance Notice By-law), which was adopted by the board of directors on May 5, 2015. The Advance Notice By-law is intended to provide an orderly, transparent and fair director nomination process which allows our members to fully participate in the director election process in an informed and effective manner.
Among other things, the Advance Notice By-law provides that notice of director nominations must be given to the company not less than 30 days prior to the date of an annual meeting of members, unless the annual meeting is held on a date that is less than 50 days following public announcement of the date of the meeting, in which case notice must be given to the company no later than the close of business on the 10th day following the date of its public announcement. For a special meeting of members (which is not also an annual meeting), notice to the company must be given not later than the close of business on the 15th day following the day on which public announcement of the date of the special meeting was made.
If the Advance Notice By-Law is not confirmed at the AGM by a simple majority of the votes cast, it will no longer be in effect after the AGM. A copy of the Advance Notice By-Law is included in the company's 2015 management proxy circular.
Economical is waiting for the federal government to finalize and put into force regulations for the demutualization of mutual property and casualty insurance companies. Once the regulations are in force, our board of directors will review the final regulations and make a decision on whether or not to proceed with demutualization under the final framework. If the Board decides to proceed, it will call a special meeting of eligible mutual policyholders, separate from this AGM, to vote on the Board's recommendation to continue with the demutualization process. Even if final regulations are released before the AGM is held, Economical will not have enough time to observe all of the steps that it would be required to follow in order to hold a special vote on demutualization at this AGM. A separate special meeting will be required.
About Economical Insurance
Founded in 1871, Economical Insurance is one of Canada's leading property and casualty insurers, with $2.0 billion in annual premium volume and $5.2 billion in assets as at March 31, 2015. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers across the country. Economical Insurance conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Family Insurance Solutions, Federation Insurance and Economical Financial.
SOURCE Economical Insurance
For further information: Doug Maybee, Economical Insurance, (T) 519.570.8249, (C) 519.404.0989, [email protected], http://www.economicalinsurance.com/