We at Allpar felt that news coverage of the various proposals, particularly the name change, have been taken out of context, and wished to provide a thumbnail view of the full range of proposals being brought before DCX’s April 4 meeting. We have heavily summarized the proposals and reasons. It seems some people are very angry, and not just at Chrysler. Additional note: all shareholder resolutions failed. The name change failed with about 98.4% of stock voting against.
Audit the Management and Supervisory Boards for negligence in not demanding damages from or reviewing compensation of those whose lack of diligence resulted in Daimler paying a 30% premium for Chrysler
The DCX boards have ignored the Stuttgart District Court's recommendation that both Daimler and Chrysler managements be investigated for their poor evaluation of the merger.
Audit the Supervisory Board for negligence in issuing management 20.5 million options exercisable at 34.40 Euro when the stock was at a multi-year low.
Supervisory Board should not have issued options until the market stabilized. They profited at the expense of shareholders.
Audit whether Schrempp’s statementsmake him liable for DCX’s expenses in settling lawsuits; whether the Board could have, or can, assert claims against him; and whether they are liable for not asserting them.
The DCX liability insurance is insufficient to cover the settlement amount and lawyers’ fees.
Audit whether any DCX Board Members knew of transactions now being investigated by the SEC and DOJ, and if the lack of oversight on their part allowed the transactions to occur.
The Company has not addressed the investigations and press speculation is that DCX Management is avoiding entering the U.S because of them.
Audit whether Dr. Zetsche and others perjured themselves regarding fraudulent grey-market transactions in the trial of Gerhard Schweinle, and whether there was an attempted cover-up.
The appeals court questioned whether DCX employees were really unaware of the transactions.
Audit the Supervisory Board’s oversight of the administration and compensation of Schrempp, and compensation for services provided by his family.
Compensation for the former Board of Management and their dependents has risen while that of the current board has fallen. Schrempp’s compensation is kept secret.
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