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Bolloré Candidates Rejected
Aegis shareholders have rejected the attempt by investor Vincent Bolloré to get two of his firm's nominees elected to its Board, at the company's AGM this morning.
Lord Sharman, Chairman of Aegis, said the vote 'confirmed an important point of corporate governance principle... Given the good level of turnout and the strong support shown for the Board's position, we hope that the suggestion of board representation for a single shareholder so closely connected to a competitor can now be put behind us.' Bolloré is Chairman of the Havas group, which owns media agency Media Planning Group, leading in the view of Aegis to a 'severe' conflict of interest.
Aegis says more than 76% of eligible votes were cast at the meeting, and that 94% of the votes not controlled by Groupe Bollore were cast against the two resolutions it proposed. In total, 58% voted against the Bollore candidates, Philippe Germond and Roger Hatchuel.
Lord Sharman continued: 'From here it is business as usual: so far as we are concerned this was a single disagreement about a single issue of principle and we remain committed to an open and frank dialogue with all of our shareholders, including Groupe Bollore.'
Bolloré, who attended the meeting and spoke to put his case, has already indicated his intention to continue fighting for representation on the Board, stating 'we are here for the long term'. He said the two directors were 'totally independent' and added, 'I don't believe two directors can take control of the company.'
Aegis is online at www.aegisplc.com .
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