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Bilfinger Shareholders Approve Settlement With Former Executive Board Members

German engineering group Bilfinger (BFLBY.PK) said that a large majority of its shareholders voted in favor of the settlement with former Executive Board members at virtual Annual General Meeting.

The company noted that the settlement has ended the company's assertion of claims for damages against twelve former Executive Board members and has a total volume of 18.2 million euros. In addition to the waiver of salary claims, Bilfinger will receive an amount of 16.75 million euros from the D&O insurers in the near future.

A further resolution of the Annual General Meeting related to the election of Bettina Volkens and Robert Schuchna as shareholder representatives to the Supervisory Board of Bilfinger SE.

Volkens and Schuchna succeed Nicoletta Giadrossi and Jens Tischendorf, who stepped down from their positions at the Annual General Meeting.

In light of the uncertain environment, the Executive Board and Supervisory Board proposed to the Annual General Meeting a dividend of 0.12 euros per share - the minimum amount as required by law. The Annual General Meeting voted in favor of this proposal with a large majority.

The company continues to anticipate the gradual recovery of its business in the second half of the year and remain committed to its financial targets for 2024.

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