Wendel: agreement with IHS Towers for the next AGM
The objective of this agreement is to better align IHS Towers' corporate governance with best practices of U.S. listed companies, create greater alignment between the company's Board of Directors and shareholders, and improve the overall market perception of IHS.
As part of this agreement, IHS Towers and Wendel have agreed to present and support several changes at the next IHS Towers Annual General Meeting of Shareholders.
The IHS Towers Board of Directors would be progressively declassified over two years in 2024 and 2025, and after the 2025 IHS Towers AGM, all directors would be elected on an annual basis.
The shareholding threshold allowing shareholders to appoint directors or propose resolutions at a General Meeting will be lowered from the current 30% to 10%.
A new right will be introduced for shareholders holding at least 25% of the shares to request the convening of a General Meeting, after the IHS Towers AGM 2025.
The threshold for the removal of a director by shareholder vote will be lowered from the current 2/3 majority to a 50% majority.
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