Stada Shareholder AOC Pushes Through Board Reshuffle

Stada shareholder Active Ownership Capital (AOC) succeeded in convincing stock owners of the German drugmaker to vote off its supervisory board chairman in a voting marathon, but the activist investor fell short of its goal of replacing the entire board. In a five-hour voting showdown on Friday, shareholders at the company’s annual general meeting voted Chairman Martin Abend off the supervisory board with a slim majority of roughly 56 percent. “Stada shareholders today have clearly spoken out in favour of a change at the top of the supervisory board and the organisation’s corporate governance,” AOC said in a statement after the vote. But AOC, which had wanted to replace six of Stada’s nine directors, only succeeded in placing one of its candidates, Eric Cornut, on the board.

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