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Setback for the Sika-board in the fight against the founding family: The influential US proxies ISS refuse the first time the Décharge.

The next showdown is programmed: If on April 12 to take on the general assembly of the building materials group Sika the warring factions back to today, provides the Board to President Paul Hälg and ringleader Daniel Sauter, the entire top management on. Actually the meeting of 160 Topkader was as previously planned every two years in September. But now flies the Executive Committee its management team from around the world especially the day before the AGM on April 11 a.

The obvious goal: The management team is to be moved at the AGM to a collective protest against the sale plans the owner family to the Patron UrsBurkard to the French Saint-Gobain.

ISS oppose VR

Whether its management staff really voluntarily participate in such statements is unclear. Fact: Prior to the AGM, the rioters have suffered a setback. The influential American proxies ISS have joined in their voting recommendation of the owner family and deny the Board the Décharge. This is evident from their 36-page analysis.

A year ago, ISS had the control committee this relief yet granted. As justification ISS calls the pending lawsuits and the uncertain consequences for investors. According to their guidelines ISS denied only the Décharge when "significant and compelling reasons to believe that the Board does not fulfill his duty of loyalty".

Closed reelection

In another critical point ISS, the shareholders explicitly to a special feature. According to the invitation to the AGM the six Burkard opponents on the board, including the designated SBB President Monika Ribar, your choice will only accept if they are re-elected closed - a unique in this form operation in Switzerland.

Accessible is the individual single choice. ISS believes that this is because even for a "not good market practice". Comes added: Board Ulrich Suter, who belongs to the camp to Hälg and Sauter, is also part of the re-election package, although he already counts 72 years. However, Sika Statutes stipulate an age limit of 70 years. This violates the Directors simultaneously against common practice and its own regulations. The lawyers will not run out of material.