Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today announced that its Supervisory Board has recommended a change of governance model.
The Company’s Supervisory Board members voted in favor of recommending to the shareholders to transition from the Company’s current two-tier governance model, which includes a Supervisory Board and a Management Board, to a one-tier model led by a Board of Directors, with CEO Thomas Lingelbach included as an executive member. The Supervisory Board’s proposal also recommends the establishment of an Executive Committee to be comprised of, among others, the members of the current Management Board.
This proposed change in Valneva’s governance structure will be submitted to the vote of the Company’s shareholders at an Extraordinary General Meeting later this year.
Thomas Lingelbach, Chief Executive Officer of Valneva, commented: “As we continue to grow, we believe that the proposed change of the Company´s governance will further improve effectiveness and efficiency in the Company´s leadership by applying a governance model that is more common in our industry.”