Euronav NV announced that independent proxy advisor Glass Lewis & Co. (“Glass Lewis”) has recommended that the company’s shareholders vote IN LINE with the Euronav Supervisory Board’s recommendations at the Special General Meeting to be held on 23 March 2023.
The recommendation from Glass Lewis endorses the Euronav Supervisory Board’s decision to adapt its composition to reflect the current shareholding structure of Euronav, in line with the Supervisory Board’s commitment to the highest standards of governance.
Commenting on the Glass Lewis report, Euronav’s Supervisory Board said: “We appreciate the support of Glass Lewis in backing the Supervisory Board’s position to maintain the current independent Supervisory Board while adapting its composition to increase shareholder representation.”
Both leading independent proxy advisory firms – Glass Lewis and ISS – have now recommended that shareholders SUPPORT ALL the Supervisory Board’s voting recommendations.
In its report, Glass Lewis states: “It is worth emphasizing CMB’s materials continue to remain very light on detail, with no substantive, analytically critical operational, financial or governance commentary, and only broadly framed strategic and operational signposts indicating its intentions for the Company in the event its current effort to heavily reshuffle the board is successful.” It adds that “[CMB] has offered unaffiliated Euronav investors very little cause to endorse the landslide change sought here.”
In reaching its conclusion to support the Euronav Supervisory Board’s recommendations, Glass Lewis further notes that “Euronav has indeed extended what we believe to be an entirely reasonable olive branch […] we believe the board’s promoted position represents a balanced resolution which does not confer disproportionate influence or implicitly reduce the range of key strategic alternatives likely to be considered going forward.”
Euronav’s Supervisory Board strongly reiterates the following voting guidance for the upcoming special general shareholders’ meeting to:
In view of the record date of Thursday 09 March 2023, shareholders may not reposition shares between the Belgian Register and the U.S. Register during the period from Wednesday 08 March 2023 at 8.00 a.m. (Belgian time) until Friday 10 March 2023 at 8.00
a.m. (Belgian time) (“Freeze Period”).
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Source: Euronav NV