Schneider Electric appoints a trustee to manage its interests in Legrand
The European Commission has granted Schneider Electric SA a dispensation, in application of article 7.4 of community regulations 4064/89, allowing it to exercise its voting rights in Legrand until such time as the two companies separate. These voting rights will be exercised through the intermediary of an independent trustee, Cabinet Salustro Reydel Management, whose nomination and mandate have been approved by the Commission.
Cabinet Salustro Reydel Management has been assigned to:
> Manage Schneider Electric SA’s interests in Legrand and as such exercise its voting rights. It will hold the majority vote on the Legrand board.
> Participate in the procedure to separate Schneider Electric SA and Legrand. It will therefore be involved in the preparation of separation operations.
> Report to the European Commission on the execution of its task.
According to the terms of its mission, the principal task of the trustee is to ensure that Legrand retains the independence and room for manœuvre necessary for the company to remain a genuine competitor of Schneider Electric SA, according to normal management procedures in line with previous practice.
The trustee will also be responsible for defending Schneider Electric SA’s patrimonial interests on the Legrand board.