Overview

• Port of Hamburg Beteiligungsgesellschaft used its 90.4 percent stake at the July 3 AGM to slash the A-share dividend from €0.16 to €0.10 against board recommendations
• Angela Titzrath will depart by December 31 under a mutual agreement and will receive her €550,000 salary, matching bonuses and a €1.58 million severance
• Minority investors including the Deutsche Schutzvereinigung für Wertpapierbesitz and Kritische Aktionäre condemned both the dividend reduction and the handling of the CEO’s exit
• Dirk Unrau of the DSW called the dividend decision a “dictatorship by the majority shareholder” and accused supervisory board chair Rüdiger Grube of lacking backbone
• Rüdiger Grube described the vote as “unfortunately handled” and denied it reflected any internal rift despite ongoing criticism