Saudi Basic Industries Corporation (SABIC) asked Clariant AG, in which it holds a majority stake, to implement a 12-year term limit for board members.
If accepted at the general shareholder meeting in April, the request will mean the end of the board Chairman Hariolf Kottmann's term. Additionally, the Saudi company proposed a special dividend distribution of two Swiss francs per share.
SABIC currently holds a 31.5% stake in Clariant. It increased its holding in the company from 25% earlier in March this year.
