Top investor MFE will not sign off on ProSieben supervisory board actions

div classBodysc17zpet90 cdBBJodivpMILAN Reuters – MediaForEurope, the top investor in ProSiebensat.1, said on Wednesday it would not clear the company‘s supervisory board from responsibility for actions taken last year at the German TV group shareholders’ meeting on Thursday.p

pControlled by the family of former Italian Prime Minister Silvio Berlusconi, MFE had criticised the supervisory board for a lack of transparency over its decision to reallocate three of its seats at the AGM.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pBut it ultimately decided not to challenge the nominees with alternative candidates.p

pGerman companies typically ask their shareholders to approve the actions of their boards over the previous year at the annual shareholder meeting.p

pThe MFE action is likely to be in effect a protest vote, with no direct consequences. ProSieben declined to comment.p

pMFE also said on Wednesday it would back the executive board for its actions at the AGM and also welcomed the financial targets set by ProSieben CEO Rainer Beaujean, including a mediumterm annual revenue growth of 45.p

pPreviously known as Mediaset, commercial broadcaster MFE has built a voting stake of more 25 in ProSieben as part of a European growth strategy, seen as the answer to challenges posed by streaming giants and online advertising platforms.p

pBavariabased ProSieben has showed little interest so far in MFEs call for closer cooperation focused on the core TV business, pursuing a standalone strategy and also investing in tech business such as ecommerce and online dating. p

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pp Reporting by Elvira Pollina Editing by Keith Weirp

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