The shareholders of the pharmaceutical company Stada have previous supervisory board chairman Martin Evening voted with 56 percent of the vote. The activist investor Active Ownership Capital (AOC) had demanded his deselection and for many supporters among the other shareholders found as the assembly head of the general meeting, Karin Arnold, announced in Frankfurt. As a successor to the evening, the board of the committee since 2009, is the nominee of AOC former Novartis manager Eric Cornut for election.
Previously, the major shareholder AOC and Martin evening had mutually coated with sharp accusations. Evening and his deputy Carl Ferdinand Oetker had tolerated under the now retired CEO Hartmut Retzlaff years’ salary excesses and nepotism “and thus failed in its supervisory function, said AOC cofounder Florian Schuhbauer.
Originally Schuhbauer wanted replace all six shareholder representatives on the board, but in the end came only Cornut as counterproposal by for evening. Also Oetker was confirmed in office.
supervisory board criticized proximity to the competition
Evening doubted its part, the independence of the nominated candidates AOC. He cited estimates, which suggested a close to Stada rival Novartis. He warned of completely replacing the Supervisory Board: “This would mean a complete renunciation of control and experience.”
One must be grateful AOC, however, said Peter Barth, representative of the German protection combination for security possession (DSW). However, stockholders should place his own interests openly; it could not be ruled out that behind’m a competitor.
Schuhbauer assured that his investors Forma is long-term oriented and Stada bring them into the future. He presented to the shareholders quick saving successes and medium strong appreciation in view. “AOC wants Stada not bruised,” said another representative of the investment company that controls about seven percent of Stada’s shares by its own account.
veto for new salary system
The shareholders also denied the company the approval of a new salary and bonuses for the Management Board. Only 25.5 per cent of investors voted on the proposed new rules by the Supervisory Board.
The public for weeks discharged conflict between board members and shareholders had led to a record number of participants at the meeting.