7.10 Treasury shares
IAS 1 requires separate disclosure of treasury shares in shareholders' equity. By a resolution of the Annual General Meeting of Hannover Rückversicherung AG adopted on 6 May 2008, the company was authorised until 31 October 2009 to acquire treasury shares of up to 10% of the share capital existing on the date of the resolution. As part of this year's employee share option plan Hannover Re acquired altogether 13,984 treasury shares in the course of the fourth quarter of 2008 and delivered them to eligible employees at preferential conditions. These shares are blocked until 30 November 2012. The company was no longer in possession of treasury shares as at the balance sheet date.