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.

The foundation operates on a non-profit basis and represents affected investors in Airbus who seek compensation. Board and Supervisory Board members are remunerated for their time but have no financial interest in the outcome of the action.

SILC is unique in its use of the new act on the collective damages claims, WAMCA (Wet Collectieve Afwikkeling Massaschade), which came into force in the Netherlands on January 1st, 2020 and provides an efficient mechanism for collective redress allowing SILC to resolve the claims of all investors in a coordinated manner. If and when needed, SILC will also litigate the claims in various other jurisdictions in order to make investors and participants whole.

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 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.

Members of the Board of Directors and the Supervisory Board receive a remuneration of €7.500 per year, including the same for the Chairperson. Reasonable traveling costs and other costs and disbursements may be reimbursed.