Summer 2014

Dialogue with shareholders

On Thursday afternoon, 17 April, the 57th annual general meeting of shareholders of Royal Ten Cate took place in Almelo. Among those present were members of the Executive Board and the Supervisory Board of the listed company, 89 shareholders and a small number of invitees.

The AGM is one of the opportunities for the Executive Board and Supervisory Board to engage in substantive dialogue with shareholders and associations representing the interests of investors. Other opportunities arise during road shows, company visits and capital market days. 

dialoog met aandeelhouders

Inside sat some 89 private and institutional shareholders, who represented 11,939,712 shares and had the same number of votes, thereby representing 45% of the issued shares of TenCate. 

Dialogue with the management
Among those present was Sandra van der Meer-de Brouwer, who has followed our company since 2011. She is portfolio manager Equities at Delta Lloyd Asset Management, where she manages the Delta Lloyd Deelnemingen Fonds (Participation Fund), which has over 10% of the TenCate shares in its portfolio. She is also jointly responsible for the Delta Lloyd Life Insurance portfolio, which holds an interest of more than 5% in TenCate.

dialoog met aandeelhouders sandra van der meer
Sandra van der Meer-de Brouwer

‘We are a long-term investor; an active and committed shareholder, but not an activist. We are not going to usurp the place of the chairman but we are going to enter into dialogue with the management, saying “We’d like to see this or that”.’
According to Sandra van der Meer, the appointment after ten months of a chief financial officer (CFO) will bring greater balance again within the Board. The portfolio manager said that ‘Whereas a CEO is often by nature enterprising and optimistic, with an eye for opportunities and possibilities, a CFO is more inclined to look at the risks and obstacles.’

‘Many interesting and highly promising things are happening at TenCate,’ she declared. ‘The mix of activities is not easy for competitors to replicate and the company has a significant technological advantage. Although the market was unfavourable in 2013, there now seem to be signs of recovery, for example in armour, as indicated by the significant orders announced recently. TenCate is taking positive steps by investing in “scalable growth”: rolling out existing and related products in new end markets. Automotive composites and TenCate Tecasafe® Plus serve as good examples in this respect.’

The minutes of the shareholders’ meeting are available on request via More information can be found on our website.

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