Euronav avoids CMB board takeover

A crucial general meeting held by Euronav settled some questions over the tanker owner’s future, including avoiding proposals from CMB that Euronav branded an attempt to takeover the company through the back door.

A vote was held on proposals from CMB to clear out Euronav’s five-member independent supervisory board and replace its members with CMB-nominated candidates. Euronav introduced proposals to balance its board with two additional members representing 25% shareholder CMB and two representing 25% shareholder Famatown.

Shareholders voted to support Euronav’s balancing approach to the board but trimmed two of its independent members.

Shareholders voted to maintain independent directors Grace Reksten Skaugen, Anita Odedra, Carl Trowell, and backed CMB’s proposal to terminate Anne-Hélène Monsellato and Steven Smith.

John Frederiksen and Cato H. Stonex were voted to the board representing Famatown; and Marc Saverys and Patrick De Brabandere were voted on for CMB.

Grace Reksten Skaugen, Chairwoman of the Euronav Supervisory Board, said: “I would like to thank Anne-Hélène Monsellato and Steven Smith for their valuable contributions to the Euronav  Supervisory Board and to our company’s success. I welcome the new directors and look forward to working with the enlarged Board to pursue our strategy of profitable growth and value-creation in the interest of all stakeholders.”

Related:Euronav advisor brands CMB proposals ‘very light on detail’

The vote was the latest instalment in the saga of the Frontline-Euronav merger which was unilaterally terminated by Frontline earlier this year.