Suggestions
    Go directly to
      Press Release
      March 13, 2020

      Ban on Large Events: Continental Postpones 2020 Annual Shareholders’ Meeting

      • Continental reschedules its Annual Shareholders’ Meeting due to ban on large events in Lower Saxony because of coronavirus pandemic
      • New date (originally April 30, 2020) will be set and announced soon
      • CEO Dr. Elmar Degenhart: “We ask all those involved for their understanding of our decision to postpone our Annual Shareholders’ Meeting in such an exceptional situation”
      • Postponement delays the approvals by the Supervisory Board and Annual Shareholders’ Meeting on the planned spin-off of Vitesco Technologies
      • Continental continues to strive for spin-off as soon as practicable
      • The company encourages legal evaluation of holding virtual-only shareholders’ meetings

      Hanover, March 13, 2020. Continental is postponing its 2020 Annual Shareholders’ Meeting (original date: April 30, 2020). The reason behind this decision is the ban on large events in Lower Saxony in response to the coronavirus pandemic. The company is keeping Hanover as the location for the event. The new date will be set and announced soon. The ban was issued on March 11, 2020, by decree from the Health Ministry of Lower Saxony and is without a time limitation. Continental’s CEO Dr. Elmar Degenhart was understanding of the administrative order: “As much as we regret postponing our Shareholders’ Meeting, we fully support the efforts of the authorities to contain the spread of the coronavirus. We ask all those involved for their understanding of our decision to postpone our Annual Shareholders’ Meeting in such an exceptional situation.”

      By law, an annual shareholders’ meeting must be held by the end of the eighth month of a fiscal year. In the case of Continental, that is August. The postponement changes the point in time for the approvals by the Supervisory Board and Annual Shareholders’ Meeting on the planned spin-off of the powertrain business Vitesco Technologies with subsequent listing. Pending these necessary approvals, Continental strives to implement the spin-off and the listing as soon as practicable. Activities related to the planned spin-off will continue unchanged. “The postponement does not call into question the decision regarding the spin-off of Vitesco Technologies,” said Degenhart.

      At the same time, Degenhart encourages legal evaluation of holding shareholders’ meetings as virtual-only meetings in the future: “We have streamed our entire Annual Shareholders’ Meeting online for years, offering participants the option to submit their votes electronically from afar. In times of increasing digitalization, we feel it makes sense to hold shareholders’ meetings online. If the legal requirements for this were already in place, it might not be necessary for us to postpone our Annual Shareholders’ Meeting. All of the related original time schedules could be complied with, and we would not have to delay the dividend payment to our shareholders.”

      According to Degenhart, virtual event formats are becoming ever more common. In this context, he pointed out the company’s own encouraging experience: “We have held our annual financial press conference as a purely virtual, dialog-based webcast for six years now. This year alone, we had 2,000 participants. The discussions showed that virtual does not mean that there is no interaction.”

      Available documents

      Cookie Policy

      We use cookies to provide you with the best experience on our website. Click on "Accept all" to allow all cookies or "Change cookie settings" to decide individually.

      Note: If you consent to the use of performance cookies, you also consent to the transfer of your personal data to insecure third countries (e.g. to the USA). These insecure third countries do not provide a level of data protection comparable to EU standards. In the case of certain third party providers, such as Google and Mouseflow, no other guarantees are offered to compensate for this deficit. There is therefore a risk that the transmission of your personal data may result in state authorities accessing your personal data without you having effective legal protection options.

      For more information on performance technologies and the transfer of data to third countries, please refer to the privacy policy.

      By clicking the "Accept all" button, you explicitly consent to this. Consent can be revoked at any time by changing the cookie settings. The further processing of data already collected before revocation by the third-party provider cannot be excluded.

      A cookie is a small data file that is stored on your device. We use cookies to provide basic and convenience functionalities, measure website performance and analyze user behavior on the website. 

      Required cookies are always activated because they are indispensable for the operation of the website and to store your cookie consent. Functional and performance cookies are optional. All optional cookies are deactivated by default.

      You can change your cookie settings at any time by visiting our Cookie Policy or by clearing the cache in your browser. 

      Show more Show less
      Back
      Required cookies Required

      These cookies are required to provide you with key functions.

      Functional cookies

      These cookies are used to provide certain functionalities to you.

      Performance cookies

      These cookies are used to measure website performance and user behavior. All collected data are analyzed anonymously.