What is a voting right?
A voting right is the right, acquired with the purchase of a share, to take part in the voting on items on the agenda at the Annual General Meeting, in particular on the dividend payout and the discharge of Executive Board and Supervisory Board. All stockholders are entitled to exercise their voting rights. However, by issuing a proxy authorization, stockholders may also assign their voting rights to third parties, in particular to their depositary bank, a stockholders’ association or proxies nominated by the Company. According to the Articles of Association of the Company, each share of stock grants one vote at the Annual General Meeting.
A voting right refers to the right that comes with acquisition of a share to participate in voting on agenda items at the Annual Shareholders’ Meeting. Every shareholder is basically entitled to exercise voting rights. By issuing power of attorney, the shareholder can, however, transfer this voting right to a third party – in particular, to a depositary bank, an association of shareholders or to proxies appointed by the Company. According to the Articles of Incorporation every single share bears entitlement to one vote at the Annual Shareholders’ Meeting.
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