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STADA begins process for significant renewal of its Supervisory Board

  • 22/05/2016
  • Press Release
  • Renewal plans for Supervisory Board composition brought forward by two years

 

  • Structured candidate selection process launched

 

  • Supervisory Board Chairman Dr. Abend: “Clear profiles to find the best-possible candidates to support STADA’s long-term growth strategy.”

 

  • Annual General Meeting 2016 postponed to August 26 to ensure orderly and transparent selection process


Bad Vilbel, May 22, 2016 – Today, the Supervisory Board of STADA Arzneimittel AG resolved to bring forward by two years the structured process to significantly renew the Supervisory Board. At least three candidates with a term of office of five years will be proposed for election at the Annual General Meeting 2016. The candidates will be identified by a special nomination committee of the Supervisory Board with the support of external advisors and nominated by the Supervisory Board. The candidates will be selected on the basis of a clearly defined set of criteria. The existing nomination committee will be extended; the Supervisory Board Member Dieter Koch will chair it.
“With this decision we are bringing forward by two years the significant renewal of STADA’s Supervisory Board, which was originally planned for 2018, while ensuring for the company’s benefit that the experience within the current Supervisory Board is preserved for the transformation process” said Dr. Martin Abend, Chairman of the Supervisory Board. “In recent years, STADA has successfully pursued a strategy of internationalization and diversification, and these steps are designed to respond to this development. With a structured selection process based on a clear set of selection criteria for potential new Supervisory Board members we will ensure that we identify the best-possible candidates to successfully support STADA’s growth strategy in a continuous manner and in the long-term manner.”
In selecting suitable candidates, the Supervisory Board’s Nomination Committee will place particular emphasis on the potential candidates’ relevant expertise and experience in the fields of generic pharmaceuticals and OTC products, their expertise in finance, audit and legal matters as well as on their personal independence. The Nomination Committee will also give due consideration to the recommendations of the German Corporate Governance Code and international proxy advisors as well as to the legislative goals of Germany’s Law on Equal Participation of Men and Women in Private-Sector Management Positions.
Upon STADA’s request, the three candidates named in advance by Active Ownership Capital have advised that they will need a reflection period to consider taking part in the selection process.
“We welcome this forward-looking decision of the Supervisory Board to support STADA’s successful growth strategy for generic pharmaceuticals and OTC products by initiating a significant renewal of the supervisory body composition. We take this opportunity to thank all of the current Supervisory Board members for their advice in recent years. They have made an important contribution to STADA’s transformation from a provider of generic pharmaceuticals with a focus on the German market to a successful international health care company. This decision taken today serves the best interest of our company, the Supervisory Board creates the foundation for a further positive development of our company,” said Hartmut Retzlaff, Chairman of the Executive Board.
In order to guarantee a structured and transparent process for the selection of candidates and for the preparation of the election of the new Supervisory Board members, STADA’s Annual General Meeting will be postponed from its original date of June 9 to August 26, 2016. The other agenda items for the Annual General Meeting will remain unchanged. This also applies to the proposal to cancel the limited transferability of registered shares. In light of recent jurisdiction and new market requirements the Supervisory Board will initiate an external assessment of the Executive Board’s compensation system.
The company has also informed its shareholders about these decisions in an open letter published today on STADA’s website. The open letter to the shareholders is available on www.stada.com/agm2016.
 
Additional information for analysts:
STADA Arzneimittel AG / Investor Relations / Stadastraße 2–18 / 61118 Bad Vilbel – Germany /
Tel.: +49 (0) 6101 603-113 / Fax: +49 (0) 6101 603-215 / E-mail: [email protected]
Additional information for journalists:
STADA Arzneimittel AG / Media Relations / Stadastraße 2–18 / 61118 Bad Vilbel – Germany /
Tel.: +49 (0) 6101 603-165 / Fax: +49 (0) 6101 603-215 / E-mail: [email protected]