MILAN (Reuters) – MediaForEurope, the highest investor in ProSiebensat.1, mentioned on Wednesday it might not clear the corporate’s supervisory board from duty for actions taken final yr on the German TV group shareholders’ assembly on Thursday.

Managed by the household of former Italian Prime Minister Silvio Berlusconi, MFE had criticised the supervisory board for an absence of transparency over its choice to reallocate three of its seats on the AGM.

But it surely finally determined to not problem the nominees with various candidates.

German corporations sometimes ask their shareholders to approve the actions of their boards over the earlier yr on the annual shareholder assembly.

The MFE motion is more likely to be in impact a protest vote, with no direct penalties. ProSieben declined to remark.

MFE additionally mentioned on Wednesday it might again the manager board for its actions on the AGM and in addition welcomed the monetary targets set by ProSieben CEO Rainer Beaujean, together with a medium-term annual income development of 4-5%.

Beforehand often called Mediaset (OTC:), industrial broadcaster MFE has constructed a voting stake of extra 25% in ProSieben as a part of a European development technique, seen as the reply to challenges posed by streaming giants and internet advertising platforms.

Bavaria-based ProSieben has confirmed little curiosity up to now in MFE’s name for nearer cooperation targeted on the core TV enterprise, pursuing a standalone technique and in addition investing in tech enterprise reminiscent of e-commerce and on-line relationship.