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MichaelOtto - © Otto Group

Dr Michael Otto Secures Otto Group By New Foundation

Social, environmental, cultural and charitable purposes will be supported

Dr Michael Otto, the Otto Group’s majority shareholder and chairman of its supervisory board, has transferred his shares in the Otto Group to a non-profit foundation under German civil law. This secures the future of the international retail and services group as a family-owned business with headquarters in Hamburg. The Michael Otto Stiftung (Foundation) was founded last March to ensure the Otto Group remaining a family company for future generations. The foundation’s statutes explicitly determine Hamburg to remain the location of the Group’s headquarters

New Foundation To Support Social, Charitable, Environmental, And Cultural Projects

In future, Otto Group’s dividends will be used to further the foundation’s purpose of supporting social, environmental, cultural and charitable purposes. It is also the Foundation’s explicit intention to use these dividends to acquire further shares in the Otto Group and to expand the majority shareholding if and when other shareholders offer these for sale. If required, the Foundation’s Board of Trustees, chaired by Dr Otto, will reinvest profits in the Otto Group and thus leave them in the company to continue to enable future-orientated investments.

“The well-being of the Otto Group takes top priority, especially with the establishment of the Foundation”, emphasizes Dr Michael Otto. “With this step the Group is secured as a family company for future generations.”
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source and further details:
http://ottogroup.com

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