News / DSV agenda reveals it's eyeing more M&A – and pay rises for directors

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DSV has revealed plans to continue on its M&A spree, while also proposing to give its board members a minimum 33% pay rise ,due to the “complexity” of integrating DB Schenker. 

Announcing the Danish forwarder’s AGM on 20 March, the agenda reveals proposals to renew authorisation to increase the share capital in support of M&A. 

“Mergers & acquisitions is a vital part of DSV’s strategy and has been the foundation for creating significant value for our shareholders,” notes the agenda. “The board of directors believes that the freight forwarding industry will continue the consolidation, and it is our continued strategy to actively take part in this.”

It adds: “The recent Panalpina and Agility acquisitions were both all-share deals, and this was a decisive condition for the sellers in these transactions. Also rapidly securing of capital market equity for the acquisition of Schenker provided a robust position for DSV in that transaction. The board of directors believes that equity funding (partly or in full) or other equity capital market resources will be an important element in future transactions also.” 

The agenda also revealed that DSV’s board is claiming a pay rise, with members to be paid a base fee of Dkr800,000 (€107,262), a 33% rise.

The increase is in “consideration of the company’s “increased organisation, complexity and internationalisation, to reflect the board members’ actual functions and responsibilities and to secure remuneration levels comparable to company peers”. 

The base fee is not equal – the chair receives three times as much, at Dkr2,400,000 (€321,770), while the vice chair gets Dkr1,200,000. Members of the audit, nomination, and remuneration committees also receive additional sums. 

DSV has come under fire for a lack of diversity on its board – and despite changes, the make-up remains similar.