The board of SAAT presented DRHs a number of proposed changes to SAAT’s governance in an online meeting held on 24 October 2023. The starting point for this remains the fundamental change to SAAT's representative role, resulting from the choice made by DRHs for the so called ‘one share one vote’ policy on 23 March 2023. This means that as a principle, SAAT will not vote during the general meetings of Triodos Bank N.V., except when depository receipt holders actively request SAAT to exercise their voting rights on their behalf. However, this change does not diminish the continuing significance of SAAT’s protective role, in which it can act to prevent a hostile takeover of Triodos Bank N.V. (Bank) under exceptional circumstances. That role requires SAAT to be independent from the bank and from current and future depository receipt holders. Some of the proposed changes derive specifically from this. In addition, some recent legislative and regulatory changes have not yet been properly incorporated into SAAT’s governance.  

All DRHs are encouraged to attend this meeting, either in person or online, and exercise their voting rights, so that the changes to SAAT’s governance reflect the preferences of as many DRHs as possible. 

Further details for this meeting including registration and voting instructions can be found on the SAAT website here: