Deminor releases its presentation and report on Vestas’ accounting, disclosure and corporate governance issues underpinning its proposal to initiate an independent investigation at Vestas.
On February 12, 2013 Deminor held a web cast presentation to its clients and investor contacts on its proposal to initiate an independent investigation into certain accounting and disclosure issues at Vestas Wind Systems A/S (“Vestas”).
Deminor’s request was filed pursuant to sections 150-152 of the Danish Company Act and article 4(6) of the company’s articles of associations, which allow every shareholder to propose the inclusion of an item in the agenda of the general meeting, including a proposal for scrutiny relating to the administration and certain financial statements of the company.
Deminor’s proposal will be submitted to a shareholders’ vote at the upcoming annual general meeting to be held on March 21, 2013.
Deminor believes that the company’s negative share price performance since August 2010 is not only due to difficult market circumstances and company specific business factors, but also to a lack of transparency on certain accounting issues, poor disclosure and sub-standard corporate governance practices. The purpose of the independent investigation is to create transparency about those issues that have led to a gradual erosion of investor confidence, with the ultimate aim of creating the conditions for long-term sustainable value creation.
