Richemont’s board defended its decision to reject proposals put forward by activist shareholders, with chairman Johann Rupert saying the board “will not be blackmailed”.

Richemont Chairman Johann Rupert. Source: Richemont

In a letter to shareholders, Johann Rupert lays out the logic behind the board’s choice to maintain the status quo in the multibillion-dollar luxury goods empire that is Richemont. The information came ahead of the company’s annual general meeting in Geneva on Wednesday, September 7.

While most of the matters brought to the AGM are routine, such as approving the financial statements and directors’ report for the year to the end of March, Bluebell Capital has been publicly campaigning for changes at board level. The biggest change proposed by Bluebell is the election of its representative, Francesco Trapani, to the board of directors as the representative of the shareholders of company “A”.

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