SIKA shareholders : join Ethos’ support group

Posted on Proxinvest

As Managing Partner of the proxy firm Expert Corporate Governance Service Ltd (« ECGS »), Proxinvest is proud to invite investors to join a support group created by our swiss partner ETHOS to defend the minority shareholder rights in the SIKA case (CH0000587979).

Indeed, Ethos and 11 shareholders filed a shareholder resolution at Sika to demand the removal of the opting out clause. The resolution will be voted on at the extraordinary general meeting of Sika which was announced and will take place in the first quarter of 2015.

In order to mobilize a maximum number of minority shareholders in favor of the resolution, Ethos has created a support group for this resolution. Ethos invites all shareholders, be they institutional or private, to join the support group. By joining the group, the shareholder demonstrates his/her support for a resolution that aims to remove an unjustified clause that serves only to favor in a financial manner the controlling shareholder to the detriment of the minority shareholders. Such unequal treatment of shareholders is unacceptable and the same offer should be made to every shareholder of SIKA.

To join the support group, simply fill out the membership form  and return it by post to Ethos (P.O. Box, CH-1211 Geneva 1). Membership is free and does not require the blocking of Sika shares. As a result, the shareholder may continue to buy and sell shares at any time. The list of members is updated daily and published below. The individual number of shares held by each member of the support group is not published; only the total number of shares held by the filers of the resolution and the members of the support group is published.

Membership form of the support group

Co-filers of the resolution and members of the support group

Ethos resolution for the removal of the opting out clause

Letter of support from international investors


Ethos and Proxinvest are members of ECGS. Expert Corporate Governance Service (“ECGS”)  is a proxy firm providing not only voting recommendations and corporate governance data about European listed firms but also engagement capacities. ECGS is the perfect in-depth solution to vote shares in Europe :

Because Responsible Investment and Fiduciary responsibility are not a box-ticking exercises, ECGS is the only proxy firm which made the choice to create a partnership of local experts.

Because Responsible Investment and Fiduciary responsibility imply to avoid conflicts of interests, ECGS partners made the choice not to provide corporate consulting services.

Because Responsible Investment and Fiduciary responsibility need cultural awareness, engagement and persuasiveness, ECGS partners are fully committed to the endorsement of corporate governance best practices and to the improvement of company Laws and corporate governance codes in their home markets. In addition to the SIKA case, ECGS partners are currently active against the adoption of multiple voting rights in Italy and France.