Mr. Chairman, members of the Board, ladies and gentlemen,

My name is Nicolas Goetschmann and I am representing Actares at this AGM.

I would like to address the coherence between Zurich’s stated strategy and its operational decisions.

First, on executive remuneration.

You awarded the CEO the maximum short-term incentive despite missing key sustainability targets. You explain that these targets were not part of the STIP criteria.

So my question is simple: If sustainability targets can be missed without consequence, in what sense are they truly binding?

Second, on fossil fuel underwriting.

You emphasize your commitment to supporting the transition, while continuing to insure parts of the fossil fuel value chain. I understand the argument of a gradual transition. But without a clearly defined exclusion threshold, this approach remains open-ended.

So I would ask: What is the concrete point at which Zurich will say “this activity is no longer compatible with our net-zero commitment”?

Third, on climate risk and resilience.

You state that Zurich’s purpose is to build resilience. At the same time, you have reduced exposure in high-risk areas such as US hurricanes. From a financial perspective, this is understandable. But from a societal perspective, it raises a question: When risk becomes too high, does Zurich’s role shift from absorber of risk to avoider of risk?

So my final question is this: When there is a tension between profitability and maintaining coverage for vulnerable communities, how does the Board prioritize?

(Speaker: Nicolas Goetschmann, Head of the Financial Markets Working Group)