Fresenius Medical Care converts to German stock corporation to simplify corporate structure
14 Jul 2023
Executive Change
The renal disease treatment product provider’s shareholders approved all EGM agenda meetings with a large majority. One major approval was the conversion of Fresenius Medical Care from the legal from of a partnership limited by shares into a German stock corporation.
Fresenius Medical Care elected the four shareholder representatives on the supervisory board of the new Fresenius Medical Care AG. Following the EGM, a constituting meeting of the supervisory board led to the election of Michael Sen as its chair.
“Our shareholders’ vote today clearly is a sign of confidence showing that we are on the right track with Fresenius and with Fresenius Medical Care,” Sen said. “As the Chair of the Supervisory Board, I am delighted to lead this new Supervisory Board consisting of highly qualified individuals.”
Following the business conversion, Fresenius Medical Care will have a standard German two-tier board system. It elected Shervin J. Korangy, Dr. Marcus Kuhnert, Dr. Gregory Sorensen and Pascale Witz to its supervisory board. The separate Fresenius SE & Co. KGaA (Fresenius), which holds approximately 32.2% of the ordinary share capital, chose Michael Sen, who serves as CEO, and CFO Sara Hennicken as the members it appointed to the supervisory board.
Employees intend to elect six more members to the supervisory board at a later point in time. The supervisory boar’s functions include strategy review, management appointments and remuneration. It also oversees approval of important management decisions and audit once the conversion becomes effective.
The structure of Fresenius Medical Care AG
This new supervisory board also formally appointed the management board of the future Fresenius Medical Care AG. This consists of the members of the existing management board of the company.
Fresenius Medical Care says the conversion offers more than just a simplification of corporate governance. The company says it leads to more efficient and faster decision-making. This comes from a clearer focus on interests and freed up management resources.
Additionally, Fresenius Medical Care expects greater flexibility concerning financial strategy. Free-float shareholders also gain a strengthened role in terms of influence on the composition of the company’s management.
The company says, with the conversion’s approval secured, it intends to initiate all necessary administrative, compliance and regulatory steps. Completion is expected by the end of 2023. Until then, the current corporate governance structure and corresponding corporate bodies remain in place.
“Today’s decision of our shareholders to convert Fresenius Medical Care into a German stock corporation opens a new chapter in the development of the company,” said Fresenius Medical Care AG CEO Helen Giza. “I strongly believe that following the conversion, the decision-making processes will be accelerated. Therefore, we will be more agile in our efforts in unlocking value as the leading kidney care Company. The role of our free float shareholders will also be particularly strengthened. I’m excited about collaborating with our new Supervisory Board and leading Fresenius Medical Care into a successful future, together with my team and our committed employees around the world.”
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