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Ubisoft Wants to Expand Board of Directors to Maintain Control Amid Growing Threat of Hostile Takeover

July 9, 2017 Written by Zarmena Khan

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In continued efforts to maintain control of its board, Ubisoft has nominated two independent directors whose “international careers are perfectly consistent” with the studio’s profile.

If approved, the appointment of Corinne Fernandez-Handelsman and Virginie Haas will increase the members of the Board of Directors to 11, with 6 independent directors. As a result, Ubisoft will have a majority of independent members on the board.

CEO Yves Guillemot said:

We are delighted to continue the expansion of our Board of Directors with the nominations of Corinne and Virginie as independent directors. If their appointments are approved by our shareholders at the next general meeting, our Board will have an independent majority, and nearly half of the directors will be women. This development reflects our desire to comply with the best corporate governance practices for the benefit of all our shareholders, while also combining the necessary expertise and competencies for Ubisoft’s long-term success.

This is the latest in a series of moves by Ubisoft to fight off a growing threat of a hostile takeoever by French media company Vivendi. The conglomerate has been increasing its stake in the developer despite resistance and condemnation from the Guillemots. If previous reports are true, Vivendi will attempt a takoever this year.

The annual general meeting takes place on September 22.

[Source: Nasdaq]