The Novavest Real Estate Board of Directors is currently facing opposition from minority shareholder Caceis, who represents the MV Immoxtra Switzerland Fund.
The Board has characterized this as an aggressive attempt at a "cold takeover of control," claiming that the proposed candidates would primarily serve the interests of the minority shareholder rather than the broader shareholder base.
The Board has expressed concerns about the qualifications and potential conflicts of interest of the proposed candidates.
The Board argues that one nominee, Roland Vögele, is in a permanent conflict of interest due to his multiple roles, including CEO of MV Invest and advisor to the MV Immoxtra Switzerland Fund.
Another nominee, Cyrill Schneuwly, is a board member of a competing company in the residential real estate sector, which raises concerns about his ability to make unbiased decisions for Novavest.
The Board also questions the relevant professional experience of Ueli Kehl, another proposed candidate.
In addition to the board composition dispute, the Board is opposing a proposed amendment to the Articles of Association concerning the capital band, as they believe it would limit the company's operational flexibility.
They argue that this would restrict their ability to respond to market conditions and capitalize on growth opportunities.
The ongoing dispute between the Board and the minority shareholder highlights the complexities of corporate governance in publicly traded companies.
The upcoming Extraordinary General Meeting will be a critical moment for Novavest, as shareholders will have the opportunity to weigh in on the proposed changes.
The outcome of this meeting could set a precedent for similar disputes in the future, particularly in the real estate sector.
The Board's firm stance against the proposed changes reflects their commitment to independence and accountability, which are crucial for fostering trust among all shareholders.