Panalpina considers voting rule change following shareholder complaint

Panalpina is considering changing its shareholder voting rules following a request from its majority investor.

Majority shareholder Ernst Göhner Foundation (EGF), which holds around 46% of the company, has submitted a request that the company change to a One Share–One Vote standard at an extraordinary shareholders’ meeting to be held prior to the annual general meeting. This would lift the 5% registration restriction and the 5% voting restriction.

“The Board of Directors complies with this request and will announce the formal invitation to the extraordinary shareholders’ meeting in due course,” the company said.

Since the forwarder’s IPO in 2005, the 5% restriction has not applied to EGF because it has held its shares prior to the introduction of the voting restriction.

“The implementation of the One-Share, One Vote standard will render the practice of the company exempting EGF from the 5% voting restriction obsolete,” Panalpina explained.

“This would further enhance the Company’s corporate governance and follows the company’s earlier decision to elect an independent chairperson at the forthcoming ordinary shareholders meeting. Moreover it addresses the concerns raised by certain shareholders.”

In a letter addressed to Panalpina’s board of directors, shareholder Cevian had recently questioned the practice to fully admit EGF with all its voting rights at the company’s shareholders’ meetings.

Cevian took the position that the voting restriction of 5% must be applied to all shareholders and, hence the voting power of EGF must be reduced to 5%.

An ad hoc board of independent directors (BoiD) consisting of five directors (without representatives of EGF and Cevian) and chaired by Thomas E. Kern, is currently evaluating the situation based on expert opinions submitted by each of EGF and Cevian and based on independent expert advice obtained by the BoiD.

Cevian and another shareholder, Artisan Partners, have expressed their concern over the relationship between Panalpina and EGF. Much of this centres around concern that current Panalpina chairman, Peter Ulber, and vice chairman, Beat Walti, serve not only on the Panalpina board but also on the board of EGF. Ulber will not stand for re-election as chairman.

Panalpina is also the subject of a takeover bid by DSV, while it is also negotiating a possible tie up with Kuwait-headquartered forwarder Agility

Share this story

Related Topics

Latest business news

Double-digit improvements for revenues and volumes at IAG Cargo in Q3

IAG Cargo enjoyed a bumper performance in the third quarter of the year with cargo revenues and volumes improving on…

Read More

Share this story

Air France KLM Cargo eyes Asia as performance improves in Q3

Air France KLM Martinair Cargo recorded improvements in cargo volumes, revenues and yield in the third quarter as it benefitted…

Read More

Share this story

Emirates SkyCargo volumes up 16% in first half

Emirates SkyCargo has reported a rapid increase in volumes in the first half of the year thanks to general market…

Read More

Share this story

Air Cargo News

Air Cargo News
Established in 1983, Air Cargo News is the leading source of news, information, interviews, analyses and reports to the global airfreight industry. Our leading portfolio includes print, digital and events that give businesses in the airfreight industry the ability to connect with decision-makers in this sector.