6,376
edits
Vonovia: Anual General Meeting /2023: Difference between revisions
no edit summary
(Created page with "Return to: Vonovia | Company News | Main Page == Summary == On May 17, 2023 Vonovia held its annual general meeting. Here is a summary of what happened during the...") |
No edit summary |
||
| Line 7: | Line 7: | ||
* The supervisory board was reduced to 10 members from 12 members as planned<ref name=":0" />. | * The supervisory board was reduced to 10 members from 12 members as planned<ref name=":0" />. | ||
* Jürgen Fitschen, a long-standing chairman of the supervisory board left office and was replaced by former McKinsey consultant Clara C. Streit<ref name=":1">https://www.manager-magazin.de/unternehmen/vonovia-will-kapitalerhoehung-vermeiden-a-fbff9fa7-d020-4d89-af59-d4295ef28485</ref>. | * Jürgen Fitschen, a long-standing chairman of the supervisory board left office and was replaced by former McKinsey consultant Clara C. Streit<ref name=":1">https://www.manager-magazin.de/unternehmen/vonovia-will-kapitalerhoehung-vermeiden-a-fbff9fa7-d020-4d89-af59-d4295ef28485</ref>. | ||
* Vonovia received criticism from major shareholders led by Union Investment. Union's Arne Rautenberg warned that Vonovia could find itself having a lot of debt due to high interest rates and real estate depreciation. "In its current state, Vonovia doesn't look like Europe's largest housing group, but like a skyscraper on shaky foundations," he complained<ref name=":1" />. "The debt is above the target corridor of 40 to 45 percent you have set and has even increased since the end of 2022," he said. "At a certain level, you risk being downgraded by the rating agencies, and that could start a downward spiral." Rautenberg added. | * Vonovia received criticism from major shareholders led by Union Investment. Union's Arne Rautenberg warned that Vonovia could find itself having a lot of debt due to high interest rates and real estate depreciation. "In its current state, Vonovia doesn't look like Europe's largest housing group, but like a skyscraper on shaky foundations," he complained<ref name=":1" />. "The debt is above the target corridor of 40 to 45 percent you have set and has even increased since the end of 2022," he said. "At a certain level, you risk being downgraded by the rating agencies, and that could start a downward spiral." Rautenberg added<ref>https://www.finanznachrichten.de/nachrichten-2023-05/59114044-vonovia-cfo-kapitalpuffer-ausreichend-kapitalerhoehung-unnoetig-015.htm</ref>. | ||
* Rautenberg also criticised the company's communication style which has made the capital market to lose trust in it<ref>https://www.handelsblatt.com/finanzen/immobilien/hauptversammlung-wie-ein-hochhaus-auf-wackligem-fundament-grossaktionaer-kritisiert-vonovia-harsch/29154658.html</ref>. | * Rautenberg also criticised the company's communication style which has made the capital market to lose trust in it<ref>https://www.handelsblatt.com/finanzen/immobilien/hauptversammlung-wie-ein-hochhaus-auf-wackligem-fundament-grossaktionaer-kritisiert-vonovia-harsch/29154658.html</ref>. | ||
* In response, CFO Philip Grosse defended the company's capital position. "We (have) shown that we have enough leeway to avoid an emergency capital increase," he said<ref name=":1" />. | * In response, CFO Philip Grosse defended the company's capital position. "We (have) shown that we have enough leeway to avoid an emergency capital increase," he said<ref name=":1" />. | ||