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OTP Bank shareholders vote down proposal to lower limit on voting rights

Shareholders at an annual general meeting of OTP Bank rejected a proposal to lower the limit on voting rights, regardless of holdings, to 10%.

The bank's articles of incorporation currently limit voting rights to either 25% or 33%.

CEO Sándor Csányi said at a press conference after the meeting that the management expected the proposal to be rejected. There are other options, he said, but declined to reveal any further details.

The proposal was blocked by one big shareholder, which was positive in so far as it became clear what would happen if such questions are raised in the future, Csányi said, adding it was satisfying that the proposal still got the support of 70% of shareholders represented at the AGM. The proposal would have required approval of 75% of shareholders to pass.

Shareholders with just 47% of voting rights were represented at the meeting.

Shareholders extended the mandate of the board to raise registered capital by at most 100% until April 24, 2014. They also mandated the board to buy treasury shares. (MTI – Econews)