Siegfried Russwurm: Thyssenkrupp Supervisory Board Chairman would reinstate double voting rights | EUROtoday

Status: 02:08 am | Reading time: 2 minutes

IIn the dispute over the way forward for the metal firm Thyssenkrupp, Supervisory Board Chairman Siegfried Russwurm is ready to make use of his double vote to override the vote of the workers on the supervisory board as soon as once more if obligatory. “I have never been a 'Basta boss'. And I will never be one as Supervisory Board Chairman,” mentioned Russwurm in an interview with WELT AM SONNTAG. “Would I therefore rule out using the double voting right again in the future? No.”

There isn’t any freedom of selection and no arbitrariness. “If there is a need, you have to face it.” After all, a supervisory board chairman has the duty to behave responsibly within the pursuits of the corporate and to make sure applicable selections are made.

The supervisor was reacting to criticism of his actions by the works council and IG Metall at Thyssenkrupp: The group is presently promoting a part of its metal division Steel Europe to the EP Corporate Group (EPCG) of the Czech billionaire Daniel Kretinsky.

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The “how” is inflicting quite a lot of pleasure at Thyssenkrupp, nevertheless. The supervisory board made the corresponding resolution towards the votes of the worker financial institution. In the tip, the deciding issue was Russwurm's double voting proper as chairman of the supervisory board, which he used for the second time.

Russwurm, who can also be president of the BDI industrial affiliation, justified his actions with the troublesome scenario within the metal sector. “We are in difficult waters with the steel sector,” he mentioned. “The time factor plays a major role here. Especially since Thyssenkrupp has already waited too long.”

Structural issues have to be solved now

The metal enterprise ought to not be the danger that drags down all different areas of the group. “We need a solution, not maybe or at some point, but now,” mentioned the chairman of the supervisory board. “The situation will not improve on its own.” It is about structural issues that must be solved and never a few momentary financial downturn.

At the identical time, he warned the workers' facet of the metal firm towards finishing up the dispute over the way forward for the metal division “on the backs of the customers.” Production stoppages or related can be harmful for the corporate within the present economically tense scenario and with appreciable overcapacity worldwide. “That would be the biggest harm to ourselves,” mentioned Russwurm. “I assume that all those responsible know that.”