Disorders in SAP: A standard age limit of 75 years applies to members of the supervisory board and a term of not more than twelve years. fact. The company’s co-founder Hasso Plattner wants to stay on the board and continue to chair it – even though he’s 78 and has been the chairman for nearly 20 years.
This causes unrest among SAP contributors. The Walldorf-based software group’s annual general meeting begins Wednesday at 10 a.m. online. Plattner is running again. After all, he was able to secure the support of the Nominating Committee of the Supervisory Board and the entire Supervisory Board. Again, for another two years, the commissions say. After all, Blatner brings “experience and outstanding knowledge to the community” and his knowledge is of particular value.
In fact, Blatner has been at the forefront since the company was founded 50 years ago. He is one of the company’s four surviving founders. Until May 2003, he was a spokesperson for the Board of Directors, and since then, the Berlin native has become the Chairman of the Supervisory Board. However, some shareholders do not accept exceptions to the Blattner rules.
Criticisms for not planning
Many fund managers acknowledge Blattner’s advantages, but insist on an afterthought plan. There was not even an orderly process to search for a new chair of the supervisory board. Even without the presidency, Blatner’s effect would be great. And the German Society for the Protection of Securities Ownership (DSW), which represents the interests of small investors, is also unhappy: SAP has been promising an after plan for more than eight years, and now it will be delayed again by two years. The responsible committee did not do its job successfully.
The SdK assessment varies: Plattner’s age is not a benchmark. The length of the tenure is problematic, but it guarantees stability. In addition, the founding partner of the company has always worked for the benefit of the shareholders.
DSW and some fund managers are likely to vote against Blatner on Wednesday using the voting rights they manage. Since most of the SAP shares are freely tradeable, the election result is open.