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COMPANIES: Richemont board stands firm on rejection of activist shareholder proposals

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The Richemont board has defended its decision to reject the proposals put forward by an activist shareholder, with chairman Johann Rupert saying the board ‘will not be blackmailed’.

In a letter to shareholders, Johann Rupert clearly sets out the logic behind the board’s choice to maintain the status quo at the multibillion-rand luxury goods empire that is Richemont. The information comes before the company’s annual general meeting in Geneva on Wednesday, 7 September.

However, Rupert cautions that management does not believe Bluebell, with a relatively small stake in the company, has a legitimate position to represent all the A shareholders. In addition to that, as previously noted inHe is the former chief executive of Bulgari, which was then bought by LVMH . Trapani was on the LMVH board of directors until 2016, and also acted as adviser to the chairman of LVMH.

Bluebell had also requested changes to the composition of the board, with the minimal number of board members to be increased from three to six and that each board member be either a representative of A or B shareholders, with an equal number of representatives for each type of shareholder.

 

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