At TUI Group’s Annual General Meeting on 13 February, Dr Dieter Zetsche, CEO of Daimler AG, will stand as candidate for election to the Supervisory Board. In the medium term, he will stand for election as Chairman of the Supervisory Board to succeed Professor Klaus Mangold in that role. The timing for that change has been adjusted.
The change at the helm of the Supervisory Board had originally been planned for the beginning of financial year 2019, as at 1 October 2018. Following deliberations with shareholders and in particular proxy advisors, Professor Mangold will continue to serve as Chairman of the Supervisory Board until any conflicts with other mandates held by Dr Zetsche have been removed. Several proxy advisors have raised the issue of overboarding in connection with their voting guidelines for AGMs if Dr Zetsche should serve as CEO of Daimler AG at the same time.
As a German stock corporation with a listing in London, we operate in two systems governed by partly very different rules, views and assessments. We therefore regularly engage in intensive dialogue with our shareholders and the proxy advisors. This dialogue has ultimately led to the decision that Professor Dr Mangold will continue to serve as Chairman of TUI’s Supervisory Board until any conflicts regarding Dr Zetsche in connection with the rules to be observed by the proxy advisors have been removed.