AkzoNobel announces changes to the Supervisory Board
October 18 2017 - 1:01AM
October 18, 2017
Akzo Nobel N.V. (AKZA.AS; AKZOY)
AkzoNobel announces today the nomination of a new
Supervisory Board member; Mr. Michiel Jaski, following an extensive
search process. This follows the nomination of Mrs. Sue Clark and
Mr. Patrick Thomas for appointment to the Supervisory Board as
announced on August 16, 2017.
A request from AkzoNobel shareholder Universities
Superannuation Scheme Limited ("USS") was
received on July 24 to nominate Mr. Eric Meurice for appointment to
the Supervisory Board. The Supervisory Board has accordingly placed
this proposal on the agenda of the EGM of November 30, 2017.
As announced previously, there is a vacancy for
three additional AkzoNobel Supervisory Board members. The General
Meeting can therefore vote for the appointment of Mr. Patrick
Thomas or Mr. Eric Meurice.
The Supervisory Board does not support the
proposal from USS to appoint Mr. Eric Meurice, taking into
consideration feedback received from an independent search firm
during the process.
Ms. Sari Baldauf, member of the Supervisory Board
since 2012, has decided to step down as of December 1, 2017 due to
time requirements for fulfilling other roles and
responsibilities.
Antony Burgmans, Chairman of the
Supervisory Board, commented:
"Sari made a significant contribution to our Board
due to her extensive global business experience and insight. We
wish her all the best for the future.
"I am very pleased we have nominated Michiel Jaski
who brings with him a wealth of knowledge and insights which will
benefit the composition of our Board moving forward."
The appointment of Ms. Sue Clark, Mr. Patrick
Thomas and Mr. Michiel Jaski to the Supervisory Board of AkzoNobel
is subject to shareholder approval at the Extraordinary General
Meeting of November 30, 2017.
As per AkzoNobel's articles of association, Mr.
Patrick Thomas can be appointed by a simple majority of the votes
cast; Mr. Eric Meurice, as a nominee of USS, requires at least a
two-thirds majority of the votes cast, if such a majority
represents more than half the issued share capital.
This is a public announcement by
Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European
Market Abuse Regulation (596/2014).
- - -
About AkzoNobel
AkzoNobel creates everyday essentials to make
people's lives more liveable and inspiring. As a leading global
paints and coatings company and a major producer of specialty
chemicals, we supply essential ingredients, essential protection
and essential color to industries and consumers worldwide. Backed
by a pioneering heritage, our innovative products and sustainable
technologies are designed to meet the growing demands of our
fast-changing planet, while making life easier. Headquartered in
Amsterdam, the Netherlands, we have approximately 46,000 people in
around 80 countries, while our portfolio includes well-known brands
such as Dulux, Sikkens, International, Interpon and Eka.
Consistently ranked as a leader in sustainability, we are dedicated
to energizing cities and communities while creating a protected,
colorful world where life is improved by what we do.
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such as AkzoNobel's growth strategy, future financial results,
market positions, product development, products in the pipeline and
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and it should be understood that many factors could cause
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business please see our latest annual report, a copy of which can
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Source: AkzoNobel NV via Globenewswire
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