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The changes include the withdrawal of both former chief executive Diana D. Brooks and major shareholder Alfred Taubman in the wake of the anti-Trust investigation being carried out in the US and across the world.

Mr Taubman’s son Robert has been included among the nominees for a voting directorship, despite the Annual Meeting being delayed because of concerns expressed by Ron Baron, whose Baron Capital Group holds 55.2 per cent of the Class A shares, that Alfred Taubman (with 63 per cent of the Class B voting shares) continued to exert influence despite stepping down as chairman.

Ambassador Walter J.P. Curley has stepped down in order to become chairman of the Sotheby’s International Advisory Board.