Fashion & Homeware News South Africa

Richemont board stands firm on rejection of activist shareholder proposals

The Richemont board has defended its decision to reject the proposals put forward by an activist shareholder, with chairman Johann Rupert saying the board 'will not be blackmailed'.
Richemont chairman Johann Rupert. Source:
Richemont chairman Johann Rupert. Source: Richemont

In a letter to shareholders, Johann Rupert clearly sets out the logic behind the board’s choice to maintain the status quo at the multibillion-rand luxury goods empire that is Richemont. The information comes before the company’s annual general meeting in Geneva on Wednesday, 7 September.

While most of the matters up for resolution at the AGM are par for the course, such as the approval of the financial statements and the directors’ report for the year to end March, Bluebell Capital has been publicly agitating for changes at board level. The biggest change Bluebell has proposed is the election of its representative, Francesco Trapani, to the board as a representative of the company’s “A” shareholders.

Continue reading the full article on Daily Maverick.

Source: Daily Maverick

Daily Maverick is a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa. There are many ways to describe exactly what we do (and for the price of a cup of coffee we’re capable of talking your ears off about it), but the best way to understand the end result is to experience it. Every part of Daily Maverick is free-to-air and no payment is required, although free registration is required for a small subset of functions and pages.

Daily Maverick is run by an independently owned, private company with no affiliation to any other media group (or political party or religious organisation.) Follow Daily Maverick on Twitter at @dailymaverick.

Go to:
Let's do Biz