Special General Assembly: Change in U+’s Bylaws

2022.05.06
Article

On April 22, 2022, U+ held a Special General Assembly in order to amend its our initial Bylaws. These changes are meant to allow our Supervisory board to work more efficiently, by extending the term of its members from one to two years. In order to ensure some continuity, one half of the board will be renewed every year.

This Assembly answered two questions:

  1. Do you approve the change in the bylaws? Yes: 88.3%, Abstain: 11.7%.
  2. Do you agree to extend the term duration of the current members of the board by one year? Yes: 100%

The exact terms of the proposed changes are described below.

Proposed changes (Article 8.1):

Initial text:
The Supervisory Board is made up of 9 members. The Supervisory Board is renewed annually by vote of the members, by simple majority . Membership in the Supervisory Board is renewable once. At renewal, the members elect the president for a period of one year, renewable once.

The term of office of the members of the Supervisory Board expires at the end of the General Assembly which decides on the financial statements for the past financial year, held in the year in which the term of office of the said directors expires.

New text:
The Supervisory Board is made up of 9 members, elected for a term of two years. One half of the Supervisory Board is renewed annually by vote of the members, by simple majority. Membership in the Supervisory Board is renewable once. The members of the board elect the president for a period of two years, renewable once.

The term of office of the members of the Supervisory Board expires at the end of the General Assembly which decides on the financial statements for the past financial year, held in the year in which the term of office of the said directors expires.