10 kwiecień 2021

Henkel Share-Pooling Agreement

Autor: Anna Pilsniak. Kategorie: Bez kategorii .

The owners of the Henkel family are spread around the world and have more than 150 members, including Christoph Henkel and Konstantin von Unger, who sit with Bagel-Trah on the company`s partners` committee. Together, the family has invested more than 60% of Henkel`s common shares in a share-pooling contract that is the cornerstone of the family`s management structure. As part of the agreement, family shareholders have pledged not to sell their shares, at least not outside the family. Members of the Henkel-Familien share combination contract hold more than 61% of the company`s common shares, making the company less vulnerable to the progress of shareholders who are activists for change, Reuters reported. The preferred shares were chosen as an emission vehicle in order to preserve the quality of the family property. At first, the common shares remained entirely with the family. To date, approximately 61% of these shares are held by members of the highly branched Henkel family and are permanently linked in a joint share pooling contract. The IPO was worth it for the company. Since 1985, total sales in the three Laundry divisions – Home Care, Beauty Care and Adhesive Technologies – of which Henkel is now the world leader – have increased from 4.7 billion euros to 18.1 billion euros in the 2015 financial year. The value of preferred shares has increased seventeen-fold and preferred shares are now listed (as of December 31, 2015) among the 18 largest dax shares. Henkel now generates more than 85 per cent of its turnover outside its home country and is one of the most international companies in Germany.

Like many other entrepreneurial families, we cross the line between rational investors and emotional owners. Unlike in the early days when Henkel was founded and there were probably not many boundaries between business and family affairs, we now have a clear separation between the company and the family. We consider ourselves a rational shareholder and follow the principle that „the company is in front of the family.” Of course, as a Henkel family, we are very closely linked to the company. We follow its development with pride and enthusiasm and, as shareholders, sustained value growth is our priority. We are united as a family and support the direction and strategy of the company. In 2012, we ratified a strategy for 2013-2016. But we also have long-term plans for the company, as the advance contract showed. The contract can only be terminated in 2033 at the earliest.

The shares in this agreement cannot be sold by family members. More than 61% of Henkel`s common shares are owned by members of the Henkel family`s share combination agreement, making them less vulnerable to attempts by activist shareholders to pressure change.

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