Denmark: Shipping tycoon Maersk McKinney Moller has authorised changes to the charter relating to two family funds controlling the interest in AP Moller Maersk.

The changes will affect both the General Fund and the Family Fun. Together, two two funds own more than 50 percent of the Maersk Group’s shares and more than 64 percent of voting rights.

Under the changes, a family member from Maersk Mc Kinny Moller will always sit on the board and chair it.

 “The charter has been amended to reflect what has always been the case in practice,” Lars-Erik Bronoe, Maersk Mc Kinney Moller’s personal assistant told Business.dk. “The Management Board thus ensures that the way to continue in the future.”

The charter now ensures that at least one family member must always be part of the Funds Board. This overrides the previous charter where it was only “whenever possible”.

A new section of the statute added that the Board of Directors for the two funds should preferably be chaired by a family member.

Source: Baird Maritime