Partly in view of the proposed changes to corporate governance at Van Lanschot (including removing the protective function of depositary receipts for shares), Friesland Bank and Van Lanschot have decided to amend the 1999 shareholder agreement.
Friesland Bank has reconfirmed that it will continue to respect the independence of Van Lanschot. In connection with this, it will not lend assistance to third parties to acquire a shareholding in Van Lanschot of more than 20% of the share capital. Furthermore, Friesland Bank's total percentage shareholding in Van Lanschot is subject to a maximum of 29%. In the case of share issues - including the issue of protective preference shares - Van Lanschot will give Friesland Bank the opportunity to subscribe for up to 20% of the shares. As long as Friesland Bank holds an interest of at least 20% in Van Lanschot, it will have the right to nominate one person to be appointed to the Supervisory Board of Van Lanschot.
The new agreement has a term of three years.
The press release can be downloaded from the following link:
