An interest group representing lesser shareholders of DaimlerChrysler AG is asking other shareholders to join in a protest at DC’s annual meeting in April over management policies it believes have negatively impacted the auto maker’s stock price.
The Assn. for the Protection of Minor Shareholders (SdK) says it will put a motion forward at the annual meeting to withhold approval of the board and supervisory board. SdK says DC is worth less than-Benz AG was before it merged with Corp. in 1998 and “the destruction of value is continuing.”
The vote that will take place will be a formality, and the issue really will be decided by institutional investors. But the petition reflects shareholder dissatisfaction with DC’s share price. SdK, which has drawn the support of 1%-2% of the vote at previous DC annual meetings, also takes issue with the supervisory board’s proposal to extend CEO Juergen Schrempp’s reign at the top of the auto maker to 2005.