Germanischer Lloyd (GL) changed its legal form from a German stock corporation (“AG”) into a European company “Societas Europaea (SE)”. This legal form establishes conditions necessary for further improved corporate governance and contributes to strengthening the international focus. The transformation into an SE is now completed with the entry into the Commercial Register at Hamburg’s local court.
The transformation process took place over a period of one year. A new group of European employee representatives will be established, comprising members from several European countries. GL SE will copy the dual structure of GL AG, consisting of the Executive Board and the Supervisory Board. The Supervisory Board of Germanischer Lloyd SE consists of an unchanged nine members, with six shareholder and three employee representatives.
No Further Changes
The change of legal form has no consequences for the company’s customers, contract partners or employees. All existing contracts and terms of contract will continue as before, including work and collective wage agreements. The headquarters and chief administrative offices remain in Hamburg.
