Bayer Supervisory Board ‘unanimously stands behind’ management after vote

Bayer announced that at its annual stockholders’ meeting, Bayer passed the management’s proposals on the agenda items by “large majorities” on Friday evening, although only 44.5% of votes were in favor of ratifying the actions of the board of management. “However, the vote not to ratify the actions of the Board of Management does not have any legal consequences for the appointments of the Board’s members,” Bayer said. The Supervisory Board’s actions were approved by 66.4% of votes it added. At an extraordinary meeting convened that evening, the Supervisory Board “unanimously expressed its confidence in the Board of Management and clearly approved the company’s strategy once again.” Werner Wenning, Chairman of the Supervisory Board, said, “While we take the outcome of the vote at the Annual Stockholders’ Meeting very seriously, Bayer’s Supervisory Board unanimously stands behind the Board of Management.” The Supervisory Board will also remain committed to gaining the confidence of all shareholders, Wenning said, adding that he understands shareholders’ disappointment over the performance of Bayer shares since the first glyphosate verdict in August 2018

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