Minority Rights / Preferred Shares


The Company avoids any act that might compromise the exercise of voting rights. All shareholders are allowed to exercise their voting rights in the easiest and most convenient way.

The Company does not have any preferential shares or classes of shares.

Each share is entitled to one vote.

There exist no provisions that postpone voting rights until a specific date following the acquisition of a share.

The Articles of Association do not contain any provisions that prevent a non-shareholder to vote as a proxy.

In the event the beneficial interests and rights of disposal of a share belong to different persons, they may have them represented as they deem fit, upon mutual agreement. However, if they fail to agree, the right to participate in and vote at the General Meeting of Shareholders shall be given to the beneficial owner.

The Company’s capital does not involve any cross-shareholding.

Minority rights are granted to shareholders who own at least 5% of the capital (Article 32 of the Articles of Association). Utmost care is taken in relation to the exercise of minority rights. No criticisms or complaints were voiced in this regard in 2014.

The Articles of Association do not provide for cumulative voting. The advantages and disadvantages of this practice are assessed in view of changes in relevant legislation.