Eumedion Evaluates 2017 Dutch Proxy Season

On 10 July 2017, Eumedion released its evaluation of the 2017 Dutch proxy season. The evaluation reports on a number of findings, including the following two notable points:

• The average number of votes cast at Dutch annual general meetings remained high, with an average of 71% for AEX companies and 68% for AMX companies. These results continue the decade-long trend of increasing shareholder participation at the AGMs of AEX and AMX companies.
• Commentary and public discussion on the regulation of takeover bids for Dutch companies followed from the relatively high number of recent unsolicited bids, including:  Unilever by Kraft Heinz, AkzoNobel by PPG Industries, Refresco by PAI Partners, Accell Group by Pon Holdings, and Telegraaf Media Groep by Talpa. The evaluation reports on general public concern that important Dutch companies would be sold to non-Dutch buyers intent on moving production facilities outside of the Netherlands. In particular, Eumedion identifies a recent push from segments of the business and legislative community to create a one-year “time-out” period following a hostile takeover bid during which shareholders would be forbidden to call extraordinary meetings to dismiss management board and supervisory board members.