X5 shareholders reelect Fridman to board despite Dutch governance code
MOSCOW. May 15 (Interfax) - The shareholders of X5 Retail Group reelected Mikhail Fridman to the company's supervisory board at their annual meeting in The Hague, the company reported.
Fridman is the largest shareholder of Alfa Group, which owns 47.86% of X5. He has served on the retailer's board for more than a decade, since 2006, having been reelected in 2009 and 2013. His new term expires in 2021.
The Corporate Governance Code of the Netherlands restricts membership on a company's board of directors to 12 years, X5 said. However, the representation of the largest shareholders on the board helps to create value for all shareholders, the company said.
The Dutch governance code, in its chapter on best practices, states that a person can be elected to the supervisory board for a maximum of three four-year terms.