Aegis’ board has sent a letter to shareholders recommending they vote against Groupe Bolloré’s board nominations.
Chairman of Aegis, Lord Sharman, has written to the shareholders ahead of the annual general meeting to be held on June 14.
Aegis’ board is against the nominations as they believe Groupe Bolloré chairman Vincent Bolloré’s chairmanship of Havas constitutes a conflict of interest (see External Candidates For Aegis Board).
The board also feels it possible that the nominees, if elected, may favour one particular shareholder group over the interests of Aegis shareholders as a whole.
Lord Sharman said: “The reasons why we are recommending that shareholders vote against the Groupe Bolloré nominations are clear: protecting their interests and for good UK corporate governance. The nominations represent a severe conflict of interest.
“The board will always resist the efforts of any particular shareholder to exercise any form of undue influence or creeping control over the company without offering a full and fair price to all Aegis shareholders for that privilege.”
Vincent Bolloré has been steadily increasing his Aegis share ownership for some time and is the largest shareholder in both Aegis and Havas (see Bollore Increases Presence In Aegis).
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