The resolutions to appoint two representatives of Monteray were not voted on following the failure of the two removal resolutions. Each of the shareholder resolutions saw approximately 65% of the votes cast against. At the 2008 AGM, the removal resolutions saw 56.8% of shareholders vote against.
Monteray is known to have increased its holding in TUI from 16 to 18% in the run up to the meeting and has told shareholders that there was money on the table to develop the company, subject to a change of strategy and board overhaul. In April, TUI offered to nominate one neutral non-executive director which was rejected by Fredriksen. According to the Wall Street Journal, the supervisory board is unhappy with Fredriksen’s approach, claiming that ‘filing motions for the AGM, is the wrong way’ to reach an agreement. Speaking at the meeting, Tor Olav Troim, Monteray’s representative said the financial situation at TUI was “distressing” with further predicttions that the company “may belong to its creditors in three years’ time”.
Further details of the voting will shortly be available on Manifest VoteWatch.