Ebner criticizes Roche management again

The management of Switzerland's Roche has come under fire from one ofits major shareholders who has again vented his displeasure over the structure of the company's board. Martin Ebner, the investment banker at the head of the BZ Group (which has a 16.8% stake in Roche), used the occasion of the company's annual general meeting in Basel to criticize the Hoffmann and Oeri families, who control the company but own less than 10% of its capital.

Mr Ebner accused the board of violating principles of good corporate governance, saying that it has failed to supervise management adequately, citing Roche's part in the vitamins price-fixing scandal that has cost it dear in settlements and fines (Marketletters passim). He was also critical of the tone of Roche's 2000 annual report, which seems to suggest that the firm is doing well.

Referring in particular to the company's perceived weakness in terms of its pharmaceuticals pipeline, Mr Ebner said the depiction of Roche being in a healthy state is misleading. He was reported by Reuters as saying that "Roche stands before a major challenge. The company must be revamped from head to toe."