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Hengeler Mueller advises PNE WIND AG on fresh start in terms of board positions | Hengeler Mueller News

Hengeler Mueller advises PNE WIND AG on fresh start in terms of board positions

On 23 October 2015, the Annual General Meeting of the wind project developer PNE WIND AG elected six new members to the Supervisory Board. Furthermore, the shareholders voted in favour of, inter alia, the resolutions to distribute a dividend, to change the Supervisory Board remuneration policy, the approval of control and profit transfer agreements with subsidiaries as well as the discharge of members of the Management and Supervisory Board. No legal actions have been brought against these resolutions. One shareholder merely contested the resolution on a special investigation which had been included in the agenda upon proposal by another shareholder. By resolution of 30 November 2015, the Supervisory Board member Per Hornung Pedersen was appointed CEO, alongside Markus Lesser, COO, and Jörg Klowat, CFO. The Management Board now consists of three board members once again.

The company has thus successfully completed a fresh start at the Supervisory Board and the position of the CEO. This was preceded by conflicts of interest between individual shareholder groups which where pacified after a failed General Meeting on 16 June 2015 through the consensual retirement of the previous CEO and the willingness of the previous Supervisory Board members to resign from office as well as the subsequent election of new Supervisory Board members.

PNE WIND-Group is a leading on- and offshore wind farm developer offering services covering the entire added value chain ranging from the development, planning, realisation, financing, operation, marketing and repowering of wind farms in Germany and abroad from a single source. The PNE WIND-Group includes, in particular, PNE WIND AG based in Cuxhaven and WKN AG based in Husum.

Hengeler Mueller has advised PNE WIND AG on resolving the conflicts and on the implementation of the above mentioned measures since the end of June 2015. The Hengeler Mueller team was led by partner Rainer Krause (Corporate) and included partner Oliver Rieckers (Corporate, both Düsseldorf) as well as associates Steffen Hörner (Corporate/Tax, Frankfurt) and Dominik Heß (Corporate, Düsseldorf). Gerd Krieger (Düsseldorf) chaired the General Meeting held on 23 October 2015, having been elected to this position upon proposal of the PNE WIND AG Management and Supervisory Board.

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