AGM RESOLUTIONS
EXCLUSIVE: Steinhoff investors voted to absolve directors of liability
More than 98% of Steinhoff International’s shareholders voted to discharge all of the directors and supervisory board members from liabilities at the group’s annual general meeting (AGM) in March 2017. The existence of the little-known resolution has raised concern that shareholders may not be able to take legal action against board members. The Public Investment Corporation (PIC), which is one of the largest shareholders in Steinhoff, has sent a note to fund managers who manage its investments, asking them to indicate whether they voted in favour of the resolution. Given that 98.37% of shareholders attending the 2017 AGM backed the resolutions it seems inevitable that all of the fund managers holding Steinhoff shares on behalf of the PIC voted in favour. But Amsterdam-based company law authorities say the resolutions will not absolve the directors of their liability. The protection granted by the resolutions is based on the assumption that shareholders can fully rely on the informa...
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