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Shareholders' equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' equity | 18. Shareholders' equity The Company’s capital stock consists of common stock, 5% preferred stock and 7% ‘A’ preferred stock. Holders of the Company’s common stock are entitled to one vote per share. The holders of the 5% preferred stock are entitled to a fixed preferred dividend at a rate of 5% per annum and priority in a winding-up to repayment of capital but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears. Dividends on the 5% preferred stock are payable half-yearly on April 15 and October 15 in each year. The 5% preferred stock represent 0.03% and 0.03% of the total issued share capital at December 31, 2023 and 2022, respectively. The holders of the 7% ‘A’ preferred stock are entitled to a fixed preferred dividend at a rate of 7% per annum, and subject to the rights of the holders of the 5% preferred stock, priority in a winding-up to repayment of capital, but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears or unless the business of the meeting includes certain matters. Dividends on the 7% ‘A’ preferred stock are payable half-yearly on April 5 and October 5 in each year. The 7% ‘A’ preferred stock represent 0.47% and 0.45% of the total issued share capital at December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, dividends declared on 5% preferred stock and 7% ‘A’ preferred stock were all less than $1 million, respectively. On March 2, 2023, the Board approved the Company’s intention to increase its share buyback program through the repurchase of up to $3 billion of the Company’s shares over the 12 months to March 2024, subject to market conditions prevailing at the time and on the formal Shareholder approval of the share buyback authority. During 2023 and 2022, a total of 54,900,928 and 29,755,861 shares of Common stock (equivalent to 7.47% and 3.96% of the Company’s issued share capital) were repurchased at an average price of $54.92 and $39.22 per share under the share buyback program, respectively. During 2023, 17,620,740 shares of Common stock (equivalent to 2.40% of the Company’s issued share capital) were retired on repurchase. During 2022, 22,000,000 shares of Treasury stock (equivalent to 2.92% of the Company’s issued share capital) were retired. At December 31, 2023 and 2022, 42,419,281 and 7,712,885 shares were held as Treasury stock, equivalent to 5.78% and 1.03% of the Common stock issued, respectively.

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