News type
Date end
News memo
Since 1 July 2020 Elmos Semiconductor has been operating as an SE. The semiconductors and sensors manufactured by the company from Dortmund are mainly found in cars. With its 1,300 employees in Germany, the listed company is subject to one-third participation: two of the six supervisory board members come from the works council. In the SE, this allocation remains in place; both employee directors are elected by direct vote. Elmos Semiconductor has only five employees abroad, namely in the Netherlands. By means of the SE conversion management was able to ensure that there will never be full-parity co-determination on the Supervisory Board. SE conversions for this purpose with a negligible number of foreign staff have also occurred in other cases, e.g. at the German financial services provider MLP
The SE Employee Participation Agreement was signed on 30 September 2019. The SE works council ("Elmos SE Committee") meets twice a year. Its members include delegates from all subsidiaries, including locations without a works council. Since there is no central works council, the SE Committee is the only cross-location works council body in Germany. In exceptional circumstances information and consultation with simultaneous implication of a local works council is only provided if the Elmos SE committee expressly requests it.
See press release of the company: https://www.elmos.com/english/about-elmos/investor/financial-news/news/elmos-conversion-into-a-european-stock-corporation-se-completed.html
Source Info
News Ref
2/2020
News date