METRO AG clearly won the MSH case in court. Today, Wednesday, the Higher Regional Court (OLG) Munich declared the award pronounced by the court of arbitration in August 2012 to enforceable. This award mainly covers all important demands of METRO AG regarding a modern Corporate Governance for MSH.
This relates in particular to the fact that the Advisory Board may approve the following business transactions of MSH with a simple majority of the votes:
- Preparation of the annual financial statements and management report
- Establishment and amendment of the rules of procedure for the management board
- appointment and dismissal of managing directors and amendments of the authority of representation at all national holding companies and management companies
- Acquisition, disposal and encumbrance of real property and equivalent rights
- Acquisition and disposal of enterprises, business establishments or parts of business establishments, assumption of or dispositions in respect of company interests
- Conclusion of lease agreements with a term of more than five years and an annual commitment volume of more than DM 300,000
- Approval of the annual budget (in particular turnover, investment, personnel and financial plan)
Olaf Koch about the ruling of the OLG Munich: "We welcome the decision of the OLG Munich. It both confirms our legal view and also creates legal certainty for a sustainable, responsible and efficient management of the company Media Markt and Saturn. We now have planning reliability and can further drive the important strategic repositioning of the company together with the Management Board of Media-Saturn. The Advisory Board has already done an excellent job this year and we are confident that we will be able to maintain the growth course of Media-Saturn. At the same time, we now also hope for a pacification of the relationship among the shareholders and for a professional, constructive and purposeful cooperation in the interest of the company Media Markt and Saturn and of all its employees and customers".