Deminor scrutiny bid defeated at Vestas AGM

DENMARK: A vote to appoint a scrutiniser to examine recent business decisions by Vestas' board has been voted down by 89.5% of shareholders at the company's AGM today.

by Catherine Early 21 March 2013

Motion denied… Vestas shareholders voted against appointing a scrutiniser

The motion was put forward by Deminor Recovery Services, a company targeting Vestas on behalf of disgruntled investors.

At the heart of Deminor's grievance against Vestas is the decision to change its accounting procedures in 2010. Deminor believes this has affected share price performance, which has fallen from DKK 360 (EUR 48) in 2010 to the current price of DKK 47 (EUR 6).

Under Danish law, any shareholder is allowed to submit a scrutiny proposal at a company's AGM. It has to be accepted by a majority. In January, Deminor purchased one Vestas share in order to facilitate this.