Bayer: board backs strategy after shareholders revolt
(CercleFinance.com) - Bayer's supervisory board has said that it "unanimously stands" behind management's current strategy, after shareholders in the German chemical group criticised management at the annual meeting.
Only 44.5% of the company's shareholders were in favour of ratifying the management board's actions last Friday.
Last week Bayer reported first-quarter profit that beat analysts' estimates, as its crop science division posted substantial sales and earnings gains following the acquisition of Monsanto.
But Bayer also disclosed that the number of lawsuits in the US in the glyphosate litigation has now increased to 13,400.
As a reminder, Bayer shares have lost 27% of their value since the first glyphosate verdict in August 2018.
A number of shareholders have questioned whether Bayer's board fulfilled its duty of care responsibilities when assessing the legal risks associated with glyphosate, developed by Monsanto.
Bayer said the supervisory board will continue to thoroughly examine the results and discussions at the annual shareholders' meeting in the weeks ahead.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Only 44.5% of the company's shareholders were in favour of ratifying the management board's actions last Friday.
Last week Bayer reported first-quarter profit that beat analysts' estimates, as its crop science division posted substantial sales and earnings gains following the acquisition of Monsanto.
But Bayer also disclosed that the number of lawsuits in the US in the glyphosate litigation has now increased to 13,400.
As a reminder, Bayer shares have lost 27% of their value since the first glyphosate verdict in August 2018.
A number of shareholders have questioned whether Bayer's board fulfilled its duty of care responsibilities when assessing the legal risks associated with glyphosate, developed by Monsanto.
Bayer said the supervisory board will continue to thoroughly examine the results and discussions at the annual shareholders' meeting in the weeks ahead.
Copyright (c) 2019 CercleFinance.com. All rights reserved.