Rupert won’t be ‘blackmailed’ by shareholder
Richemont chairman Johann Rupert won't give in to activist shareholder Bluebell Capital Partners' campaign to overhaul the boardroom structure at the world's second biggest luxury group, reports Fin24.
This is what he told Swiss newspaper Finanz und Wirtschaft.
Cartier-owner Richemont on Monday recommended shareholders vote against Bluebell's proposal of Francesco Trapani as a board member representing investors holding A category shares.
The company proposed one of its existing independent directors as a representative instead. Rupert, who owns all the non-listed category B shares in the company, which represent 9.1% of the capital, but 50% of the voting rights, said there was no reason to change the board ‘either legally or morally.’
‘Our board may be slower and more conservative than others. But its openness and collegiality are exactly its advantage. I will not be blackmailed,’ he said in a rare interview.
Rupert said the board of directors took into account the interests of all the shareholders, whether they owned listed A share or unlisted B shares.
‘I can assure you of one thing: I will not change our capital structure,’ he added.
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