ProSiebenSat.1 to downsize supervisory board and slash pay at AGM
ProSiebenSat.1 will hold its annual general meeting on May 20, 2023. Shareholders are set to vote on major changes, including a smaller supervisory board and reduced compensation for its members. The company has proposed cutting the supervisory board’s size from nine to seven members. If approved, Katrin Burkhardt and Nicolas Ziegler will not be replaced after their departure. Four current members—Katharina Behrends, Michael Eifler, Thomas Ingelfinger, and Simone Sole—have been nominated for re-election.
Compensation for board members will also drop. The chair’s pay will fall from €250,000 to €225,000, while the deputy chair’s fee will decrease from €150,000 to €135,000. Other members will see their remuneration reduced from €100,000 to €90,000. Attendance fees for in-person meetings will be lowered as well. Leopoldo Attolico, Simone Scettri, and Maria Kyriacou will remain on the board until 2027 and 2028. Media for Europe (MFE), controlled by the Berlusconi family, holds over 75% of the company’s voting rights. The proposals are expected to pass without major opposition.
The changes will streamline the supervisory board and reduce costs. With MFE’s strong voting control, the adjustments are likely to take effect after the meeting. Shareholders will finalise the decisions on May 20.
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