Hermes Proposes Candidate As Infineon (IFNNY) Supervisory Board Chairman

U.K. asset manager Hermes on Tuesday proposed its own candidate for election to the position of chairman of Infineon's (OTC: IFNNY) supervisory board, citing concerns about corporate governance at Europe's second-largest chip maker.

Hermes, a minority shareholder in Infineon with just under 3%, said it's taken the "highly unusual step" because private dialogue with the company "has not proved fruitful." The board has ignored the demands of shareholders by proposing four of its members for re-election at the general assembly on Feb. 11, and the proposal to elect Klaus Wucherer as chairman is "particularly problematic," Hermes said in a statement.

Infineon has nominated Hans-Ulrich Holdenried, Renate Koecher, Manfred Puffer, Doris Schmitt-Landsiedel, Eckart Suenner and Wucherer to the supervisory board. An Infineon spokesperson couldn't immediately be reached for comment.