Governance and Claim Code Compliance
SILC is an independent, Netherlands-based claim foundation that follows the principles laid down in the Claim Code 2019. Where it deviates from the Claim Code, it will provide an explanation as the Claim Code follows the comply or explain principle. SILC is funded by Therium Capital Management Limited, which is domiciled in England and is one of the earliest litigation funders in the world with a long, successful track record in providing funding for investor loss recovery litigation across a wide variety of jurisdictions. The foundation has decided to appoint an individual from the funder’s team to the Supervisory Board (Dr. Christoph Kuzaj). In his role as a Supervisory Board Member, Dr. Kuzaj will operate autonomously and independently from the funder and all other persons and legal entities directly or indirectly associated with the funder, and this will also be ensured by the Board.
As the funder works via a contingency fee, up to 25% of the recovered amounts could be paid to the funder in case of success. SILC will request the court to make a cost order against the defendant for the funder’s fee so participants receive full compensation for their losses. The ultimate fee shall be reasonable and adequate, as subject to SILC’s Board’s and Supervisory Board’s approval and dependent on the length of the litigation, negotiation results and Court approval. In return, participants of the foundation can join the Foundation’s cause for free.
Efforts will be made by both the Board and the Supervisory Board of SILC (pursuant to Article 3:305a, paragraph 2, sub b of the Dutch Civil Code) to involve participants (who have entered into a Participation Agreement with the foundation) as much as reasonably possible in the decision-making process on important issues. In particular, the foundation will consult its constituency about the distribution of any financial compensation that may be obtained for the damage that its participants claim to have suffered in accordance with Article 3, Section 3.2, subsection (e) of its Articles of Association, as well as about a potential settlement proposal as referenced in Article 3, Section 3.2, subsection (c) of its Articles of Association. The foundation may organize consultation of its participants on these matters through digital meetings or other forms on online communication.
The foundation’s Board is responsible for the day-to-day business of the foundation. The members of the Board receive a remuneration of EUR 7.500 per year, including the same for the Chairperson. In addition, the foundation has a Supervisory Board. Its members receive a remuneration of EUR 7.500 per year, including the same for the Chairperson. Reasonable traveling costs and other costs and disbursements may be reimbursed. Further details about members can be viewed in the first tab.
In addition, global investor loss recovery firm DRRT is involved in litigation advising and administrative functions in support of the foundation. DRRT assists in the managing of client relationships, onboarding of affected investors, book-building, and collaboration with legal and damages experts in furtherance of any litigation. Through DRRT’s efforts, which include offering complimentary and confidential loss analyses to interested parties, investor participation and access are made both easy and efficient.
The foundation’s Governance Report / Claim Code Compliance Document can be found here.
If you would like to contact the foundation in writing, you may do so here:
- Stichting Investor Loss Compensation
- Oukoop 4
- 3626 AW Nieuwer Ter Aa
- The Netherlands