DGAP-News: Aareal Bank AG
/ Key word(s): Miscellaneous
Aareal Bank rejects demand by Petrus for replacement of Supervisory Board members
Marija Korsch, Chairman of the Supervisory Board, commented: "The General Meeting, in its capacity as the Company's ultimate authority, has mandated the members of the Supervisory Board to advise, monitor and exercise joint entrepreneurial oversight of the Company for a specified term of office - not 'for the time being'. The Supervisory Board is fully staffed, with all of its members being elected for their respective term of office. There are no reasons for resignation, whether legal or otherwise. As in the past, upon regular expiration of each term of office for any shareholder representative, the Nomination Committee will launch a broad-based, clearly structured and transparent search process to identify candidates. As a matter of course, the Committee will include candidates proposed by material investors, as it did in 2019/2020."
Extensive discussions concerning the Supervisory Board's skills profile, its composition, the structure of its committees and the terms of office of its members took place in preparation for the Annual General Meeting 2020 - with all material investors (including Petrus Advisers) as well as proxy advisors. This corporate governance sounding led to shortened terms of office of Supervisory Board members, the introduction of a so-called staggered board, as well as new appointments to the Supervisory Board (in the sense of a Board refreshment). This highly transparent and broadly explored corporate governance reform met with resounding support by shareholders at the 2020 Annual General Meeting: at the time, the six candidates for election to the Supervisory Board received between 99.68 per cent and 99.72 per cent of votes. This also applies to the Supervisory Board members whom Petrus has now called upon to resign - who were only elected last year.
Consequently, the agenda published on 6 April 2021 with the invitation to this year's Ordinary Annual General Meeting on 18 May 2021 does not include any proposals for election to the Supervisory Board put forward by management, given the fact that the terms of office of current Supervisory Board members have not expired.
08.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Aareal Bank AG|
|Phone:||+49 (0)611 348 - 0|
|Fax:||+49 (0)611 348 - 2332|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Stockholm|
|EQS News ID:||1182158|
|End of News||DGAP News Service|