The board of bakery giant Aryzta has said that it 'would support' candidate nominations from shareholders Veraison and Cobas at its forthcoming EGM, 'provided they have suitable qualifications and experience and observe a nominations process'.
However, it added that to date, the activist shareholders, which together own around 20% of the business, have not submitted any candidates for evaluation.
Aryzta is to hold an EGM on 16 September, in Dübendorf, Switzerland, at which the board is proposing the election of Andreas Schmid as chair of the board of directors, a decision that the activist shareholders rejected last week.
Aryzta has also rejected proposals to remove Kevin Toland and Annette Flynn as members of the board.
On Toland, Aryzta said that any 'diminution of his leadership, role or authority, increases business risk', and is 'not considered to be in the best interests' of the company.
With regard to Flynn, the company sad that the 'importance of her role' as chair of the audit committee has increased given the resignation of Frederic Pflanz as CFO, which is effective end-2020, as well as due to the challenges posed by COVID-19.
It is also proposing the election of Jim Leighton, Tim Lodge and Andreas Schmid to its remuneration committee, following the resignations of Gary McGann, Dan Flinter and Rolf Watter.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine