Augsburg, 30 July 2021 - The Management Board of PATRIZIA AG has on 29 July 2021 decided, with today’s approval by its Supervisory Board, to initiate the conversion of PATRIZIA AG into the legal form of a European company (“Societas Europaea” or “SE”) by 2022.
The former dualistic management system of the Management and Supervisory Board will in future be adapted to the internationally customary monistic management system, with a single Board of Directors supplemented by Executive Directors.
It is intended that the founder, Chairman of the Management Board and CEO of PATRIZIA AG, Wolfgang Egger, will join the Board of Directors and continue his role as CEO. The Management Board contract of Wolfgang Egger has recently been extended until end of June 2024, ensuring continued management stability. The group of Executive Directors outside of the Board of Directors is expected to mainly consist of the current members of the Management Board.
Further independent non-executive directors will be joining the Board of Directors. It is intended that the Board of Directors will be chaired by an independent non-executive director. PATRIZIA had already announced its plans to strengthen the Supervisory Board’s profile and diversity on 11 May 2021. The company also plans to strengthen its Supervisory Board governance with the initiation of an audit committee following its 14 October 2021 annual general meeting.
The conversion into the legal form of a European company requires, among other things, approval by shareholders of PATRIZIA AG. Corresponding resolution proposals are to be submitted to the 2022 annual general meeting for approval, which is planned to be held on 1 June 2022.
The legal position of the shareholders of PATRIZIA AG remains principally unaffected by conversion into a European company. They will hold the same number of no-par-value registered shares in PATRIZIA SE. Furthermore, the stock exchange trading of the shares will remain unaffected by the SE conversion.