EQS-News: Annual General Meeting of PVA TePla AG elects new Supervisory Board members

Annual General Meeting of PVA TePla AG elects new Supervisory Board members

• Dr Myriam Jahn takes over as Chair of the Supervisory Board
• Supervisory Board Prof Dr Gernot Hebestreit in position for a maximum of one more year, Rudolf Weichert available as substitute member
• Christoph von Seidel elected as new member of the Supervisory Board
• Supervisory Board and Management Board discharged with broad approval

Wettenberg, August 30, 2024. This morning, the shareholders met with the Supervisory Board and the Management Board of PVA TePla AG for the Annual General Meeting in Giessen. Among other things, the shareholders of the technology company decided on the new composition of the Supervisory Board, the change of auditor and a new remuneration system for the Management Board. The Supervisory Board and Management Board were granted discharge for the 2023 financial year by a large majority. A total of 41.8 per cent of the voting share capital was represented. This corresponds to 9.1 million shares.

PVA TePla's Supervisory Board has a new constellation: the shareholders elected the auditor and tax consultant Christoph von Seidel as a new member of the Board. They also decided that Prof Dr Gernot Hebestreit will remain on the Group's Supervisory Board until the Annual General Meeting in 2025 at the latest. This ensures the smooth handover of responsibilities and the careful transfer of knowledge. This applies in particular within the Audit Committee, which will be chaired by Christoph von Seidel in future. Should Prof Dr Gernot Hebestreit step down before the end of this period, Rudolf Weichert has already been appointed as his replacement. Alexander von Witzleben and Prof Dr Markus H. Thoma left the Supervisory Board as planned at the end of today's Annual General Meeting.

Dr Myriam Jahn elected as new Chairwoman of the Supervisory Board

The new Supervisory Board of PVA TePla held its constituent meeting directly after the Annual General Meeting and elected Dr Myriam Jahn as the new Chairwoman of the Board. “I am delighted to take over as Chairwoman of the Supervisory Board and will be strongly committed to supporting the goals that the Management Board has set for the Group,” she explained. “For PVA TePla, the next few years will be characterized by profitable growth, both organically and through M The Group is excellently positioned for this, for example with its forward-looking solutions in the metrology sector, and will benefit enormously from the opportunities offered by the industries and markets.”

With the experienced manager Dr Myriam Jahn in the lead, who has been a member of the Board since last year, Christoph von Seidel and Prof Dr Gernot Hebestreit, PVA TePla will now initially have a three-member Supervisory Board. The aim is to expand the Board to four members soon and to five members in the medium term as PVA TePla continues to grow.

“The Management Board team would like to thank Alexander von Witzleben and Prof Dr Markus H. Thoma, who have shaped and supported the development of PVA TePla over many years. We are now looking forward to working with the newly formed Supervisory Board and to the fresh impetus for our work that the board's renewal process will bring,” says Jalin Ketter, CEO of PVA TePla. “This puts us in an excellent position in both bodies of the company for our further growth towards increasing our sales revenues to EUR 500 million by 2028, for which we have set the course with our Strategy 2028.”

 Change of auditor and more performance-related remuneration system for the Management Board

In the votes, the participants at the Annual General Meeting gave their broad approval to most of the items on the agenda. This applies, among other things, to the switch to PriceWaterhouseCoopers as auditor and group auditor and as auditor for sustainability reporting. The company had convinced PVA TePla with an offer that optimally takes into account the increased reporting and auditing requirements. The new remuneration system for the Management Board also received a large majority of votes. It contains clear performance parameters for determining the short and long-term variable remuneration components and obliges the Management Board to make its own investments in PVA TePla AG shares. This means that remuneration is now even more strongly orientated towards the long-term success of the Group.

By including the agenda item on the new remuneration system, PVA TePla had already responded to shareholders' suggestions in the run-up to the Annual General Meeting. While the new remuneration system was approved by a large majority, the approval of the Remuneration Report 2023 did not receive the required majority, as expected. The same applies to the amendment to § 21 of the Statute regarding the decision-making of the Annual General Meeting, which also failed to achieve a majority.