MediaForEurope (MFE) is seeking a change in the voting rules at the forthcoming AGM of ProSiebenSat.1 that would enable the individual discharge of executive and supervisory board members in place of collective approval or rejection.
Dutch-based MFE, formerly known as Mediaset, which is now the German broadcaster’s largest shareholder, has called for the change in rules “to enable each shareholder to assess and to approve the work of ProSiebenSat.1’s executive board and supervisory board members individually”, it said.
“Granting discharge of board members by individual resolutions stands for modern and transparent corporate governance and corresponds to the common best practice of DAX companies. This should be the benchmark of ProSiebenSat.1 in the clear interest of the company and its stakeholders,” the company said.
MFE last month upped its stake in ProSiebenSat.1 beyond the 25% mark that would give it a blocking vote at the German media group’s forthcoming AGM
MFE’s plans for cross-border media consolidation have been met with a cool response by ProSiebenSat.1’s existing management. CEO Rainer Beaujean has consistently expressed scepticism about the value of cross-border media consolidation and has doubled down on a German market-focused strategy for the broadcaster.
MFE’s upping of its stake in ProSiebenSat.1 was seen as opening the way for a possible clash over supervisory board appointments at the latter’s forthcoming AGM, and MFE’s latest move will be seen as making that prospect more likely.