John Fredriksen and Marc Saverys join Euronav board

Written by Nick Blenkey
John Fredriksen is now a member of the Euronav board

John Fredriksen is one of four new faces on the Euronav board[Image: Reuters Alamy]

There are new faces on the board of tanker giant Euronav following today’s special shareholders’ meeting, including John Fredriksen and Saverys family patriarch Marc Saverys.

That meeting was originally requested back on January 16 by CMB and the Saverys family and comes after the collapse of the proposed tanker mega merger of Euronav and John Frediksen’s Frontline. Much has been going on since then, including John Fredriksen-associated Famatown building up its stake in the company. You can follow the timeline in a succession of press releases put out by Euronav as they occurred.

Shareholders voted to maintain independent directors Grace Reksten Skaugen, Anita Odedra, Carl Trowell. They approved a resolution proposed by CMB to terminate the mandates of the other independent Board members

In line with the supervisory board’s recommendations, shareholders also approved the appointments of four new directors: John Frederiksen and Cato H. Stonex, representing Famatown; and Marc Saverys and Patrick De Brabandere, representing CMB.

The resulting composition of the new supervisory board is as follows:

  • Grace Reksten Skaugen (independent)
  • Anita Odedra (independent)
  • Carl Trowell (independent)
  • John Frederiksen (non-independent)
  • Cato H. Stonex (non-independent)
  • Marc Saverys (non-independent)
  • Patrick De Brabandere (non-independent)

Grace Reksten Skaugen, chairwoman of the Euronav Supervisory Board, said: “I would like to thank Anne-Hélène Monsellato and Steven Smith for their valuable contributions to the Euronav supervisory board and to our company’s success. I welcome the new directors and look forward to working with the enlarged board to pursue our strategy of profitable growth and value-creation in the interest of all stakeholders.”

How nicely they will all play together remains to be seen.

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