Blood in the boardroom as two Euronav directors culled but CMB rebellion resisted - TradeWinds

Blood in the boardroom as two Euronav directors culled but CMB rebellion resisted | TradeWinds

Shareholders have largely backed Euronav management by keeping three current supervisory board members and rejecting major shareholder the Saverys family’s three independent candidates in a vital vote in Brussels on Thursday.

But two existing directors were ousted as clan patriarch Marc Saverys and the chief financial officer of the family’s shipping company CMB, Patrick de Brabandere, joined the board, together with John Fredriksen and his group’s second nominee, shipping investor Cato Stonex.

The vote will be seen as a victory for Euronav, leaving three independent candidates to balance out two each from the major shareholding groups who have very different visions for the Belgian tanker owner’s future.