If undertakings get into economic difficulties, we believe that close, constructive cooperation between employees, management and owners is required.

In these cases, we shall vote in a manner designed to preserve the company for the long term.

Restraint on the part of shareholders in such situations can be in the interests of all parties.

One example could be to waive dividend payments in order to preserve the undertaking’s liquidity.

We are of the opinion that decisions on relocating the company’s domicile should be taken by majority vote at the general meeting.

We will not vote in favour of any relocation if this would undermine the principles of corporate governance or corporate social responsibility.