Investment Expansion by Union, Accompanied by Commission
KION Group AG, the former railway company, found itself in controversy ahead of its Annual General Meeting (AGM) as criticism against the newly-elected Chairman of the Supervisory Board, Dr. Mohsen Sohi, surfaced.
Rüdiger Grube, the current head of the former railway company, remains elusive in the face of Mohsen Sohi, yet the latter continues to face allegations of balancing numerous roles before the forthcoming KION AGM. Vanda Rothacker, a representative from Union Investment—a fund management company—voiced her concerns, stating that Sohi holds "numerous additional mandates."
The Shareholder Protection Association (SdK) further highlighted Sohi's impending departure from his CEO position at Freudenberg on June 30th, confirming he holds "four mandates, including Kion, plus one where he is the chairperson." Consequently, SdK opposes his election for exceeding the limit of five mandates.
Despite the pushback from Union Investment and SdK, Sohi's election as Chairman of the Supervisory Board pushed through, garnering a majority vote at the AGM. The discussions and criticism surrounding multiple mandates did not influence the supervisory board decisions, and Sohi officially assumed the role on the date of the AGM.
It should be noted that the results confirmed an increased dividend for the year, with KION GROUP AG distributing €0.82 per share. The voting outcome and resulting changes in the company's leadership did not show any signs of being materially affected by the objections raised regarding Sohi's potential involvement in multiple organizations.
- The controversy surrounding Dr. Mohsen Sohi, the newly-elected Chairman of KION Group AG's Supervisory Board, stems from his involvement in various roles in the industry, finance, and business sectors, with allegations of holding multiple mandates.
- Despite the concerns raised by Union Investment and the Shareholder Protection Association (SdK), Sohi's election as Chairman of the Supervisory Board was ratified, despite his involvement in multiple organizations in the industry, finance, and business sectors.
