Business News

schlott gruppe announces planned change to composition of Supervisory Board

Tuesday 01. September 2009 - Number of employees in 2009 remains below threshold for co-determined Supervisory Board following sale of sachsendruck and staff downsizing; Supervisory Board to be composed solely of investor representatives based on opinion of Management Board

Until now, the Supervisory Board of schlott gruppe AG had been composed of both shareholder and employee representatives. Following the sale of sachsendruck GmbH, the company and its German-based entities within the group employed fewer than 2,000 staff members. The so-called status proceedings initiated in November 2008 for the purpose of changing the composition of the Supervisory Board had been postponed due to a judicial review that has now been completed; the Management Board will now commence its status proceedings. Therefore, the Act governing One-Third Participation of Employees on Supervisory Boards (Drittelbeteiligungsgesetz – DrittelbG), which governs the composition of co-determined supervisory boards (with 1/3 of the supervisory board being composed of employee representatives), no longer applies to schlott gruppe. As a result, the Management Board is of the opinion that the Supervisory Board should in future only be composed of members representing the company’s shareholders. On March 2, 2010, the General Meeting of Shareholders will be asked to pass a resolution on the amendments to the company’s articles of association necessitated by the status proceedings.
The Management Board today published its announcement on the future composition of the Supervisory Board in the electronic Federal Gazette.