Sika stand-off with family heirs continues unabated
During another stormy annual general meeting, the majority stakeholders of Swiss chemical manufacturer Sika were once again controversially denied the chance to vote in a new chairman who would support their plans to sell the company to a French rival.
This content was published on
2 minutes
swissinfo.ch/mga
At Tuesday’s AGM, the family heirs of Sika’s founder faced a familiar pattern of having their votes restricted when it came to electing board members. As a result, chairman Paul Hälg was re-elected along with other board members hostile to the proposed Saint-Gobain takeover.
The four-year battle between the Burkard family, who control the majority of votes, and Sika directors has turned into a war of attrition that can only be broken by the Swiss courts. The stand-off started in 2014 when the Burkards announced their intention to sell their controlling stake to the French industrial conglomerate.
Hälg and other board members vehemently oppose the share sale. To prevent the Burkards from simply replacing them with more pliable directors, the current board devised the contentious plan to restrict Burkard votes to 5% at the last four AGMs.
The family went to court to get the artificial voting restriction lifted but were turned down in a first hearing in 2016. A higher court is due to give its appeal verdict within weeks. Only when the legal process is complete will it be known which side has won the argument.
The Burkards have consistently refused to discharge the board, leaving them vulnerable to potential future lawsuits. They have also repeatedly refused to allow the board to be paid in retaliation to the rebellion. Voting restrictions only apply to items directly affecting the proposed sale, such as the election of board members.
More
More
Stage set for Sika shareholder showdown
This content was published on
The target is Swiss chemical maker Sika. The plot contains more twists than a John Grisham novel, and the cast includes Bill Gates.
This content was published on
Some aspects of pro-Palestine sit-ins have gone too far, but the right to protest and debate must be upheld, the student association has said.
Swiss LGTBIQ helpline: attacks more than doubled in 2023
This content was published on
Three organisations jointly operating a helpline have called for more awareness, action and funding to address discrimination.
This content was published on
Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
Swiss employment rate rises in first quarter of 2023
This content was published on
The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
Coercion still an issue in Swiss welfare system, report finds
This content was published on
The rights of vulnerable people are still sometimes disregarded by the Swiss welfare system, a national research programme has found.
This content was published on
Viola Amherd has expressed her “deep shock” at the assassination attempt on Slovakian Prime Minister Robert Fico on Wednesday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Sika founders appeal against voting rights ruling
This content was published on
The family’s holding company Schenker-Winkler Holding (SWH) wants the high court in Zug to dismiss the decision of the lower court on October 27, which upheld Sika management’s right to restrict the Burkard family votes during the past two annual general meetings. SWH said in a statement on Tuesday that resolutions of the 2015 Sika…
This content was published on
The court ruling, made public on Friday, has compromised the proposed takeover by preventing the Burkard family from selling their 53% voting rights, via their holding company Schenker-Winkler Holding (SWH), without prior approval from the Sika board. However, the family said it would appeal to a higher court. The court also upheld Sika’s right to…
This content was published on
Sika’s largest shareholder has again been controversially denied the chance of electing a takeover-friendly board at the firm’s AGM.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.