WIESBADEN (dpa-AFX) - Aareal Bank AG (AAALF.PK) said its supervisory board has affirmed its position that partial replacement of Supervisory Board members demanded by shareholder Mr Till Hufnagel, partner of Petrus Advisers, is without substance.
Petrus called for the resignation of three current Supervisory Board members, in order to make room for three replacement candidates proposed by Petrus, to be elected at the Ordinary Annual General Meeting on 18 May.
Till Hufnagel is pursuing the removal of Marija Korsch, Chairman of the Supervisory Board, and of Supervisory Board members Christof von Dryander and Dietrich Voigtländer, through his request for extension of the agenda. The legal examination as to whether said request is in fact admissible is still ongoing, due to contradictions of information provided by Hufnagel against earlier voting rights notifications, Aareal Bank said.
Aareal Bank's supervisory board has recommended that shareholders vote against the proposals submitted through the request for extension at the Annual General Meeting.
The Supervisory Board stated that it continues to have no doubts concerning the extensive personal and professional skills of those members of the Supervisory Board, as well as their integrity.
The supervisory board noted that the terms of office of the members of the Supervisory Board, some of whom were only elected by the last Annual General Meeting in 2020, with an overwhelming majority, continue, and the Supervisory Board has a balanced skills profile in its existing composition. Therefore, there is no basis whatsoever for demanding the removal of Supervisory Board members, thus changing the Board's composition.
The supervisory board also rejected the shareholder's accusation that Aareal Bank Group is lacking a sustainable strategy.
Copyright RTT News/dpa-AFX
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