Euronav board expands with four new members
Marc Saverys and John Frederiksen have joined Euronav's board of directors. Their appointments were approved at the tanker shipping company's general meeting on Thursday by a large majority. This gives Euronav's two main shareholders - the Saverys family and Norwegian shipping magnate Frederiksen - each their requested representation.
Patrick De Brabandere (for CMB/Saverys) and Cato Stonex (for Frontline) also join Euronav's board of directors. The independent directors requested by the Saverys family were rejected by a majority of shareholders. Their independence had been questioned beforehand.
Of Euronav's current board of directors, two members were voted out, three other directors retained their seats. The Saverys family had called for the resignation of the entire board of directors but did not get its way.
It remains to be seen whether both visions on the future strategy for Euronav can be reconciled. Frontline wants to become the global oil tanker industry leader, while the Saverys family want to focus on decarbonising the shipping industry instead. "This can work if the shareholders are willing to talk to each other," said Alexander Saverys after the votes.
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