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AkzoNobel today convenes an Extraordinary General Meeting of Shareholders (EGM) of Akzo Nobel N.V. to be held at Hilton Hotel, Apollolaan 138, 1077 BG Amsterdam, the Netherlands, on Friday, September 8, 2017 starting at 14.00 CET.
The agenda items are as follows:
Appointment of Mr. T.F.J. Vanlancker as member of the Board of Management (voting point)
- Appointment of Mr. T.F.J. Vanlancker as member of the Board of Management (voting point)
- Further explanation and discussion regarding AkzoNobel's response to the unsolicited and non-binding proposals made by PPG in March/April 2017 (discussion point)
In addition to the EGM, AkzoNobel also announces a range of measures designed to strengthen and maintain a constructive dialogue with its shareholders, including:
- The creation of a Supervisory Board committee for shareholder relations
- David Mayhew and team from JP Morgan Cazenove appointed as advisor for shareholder relations
- Senior Executive remuneration to be aligned to the new financial plan
- Program of meetings to introduce new CEO
- Augmented schedule of roadshows and conferences
- Enlarged program of analyst and investor webcasts and events
Antony Burgmans, Chairman of the Supervisory Board, commented:
“AkzoNobel values its relationship with shareholders and takes its responsibility towards them very seriously. In recent months this relationship, with a particular group of shareholders, has been impacted by events surrounding the Company.
“We have actively reached out to our shareholders to create a plan to strengthen our relationship. This has included feedback from 285 meetings and calls with over 200 investors that have been held in the past six months and a shareholder survey conducted in June of investors holding more than 42% of the total shareholding.
“As part of our enhanced shareholder relations plan we will host an EGM on 8 September. In addition to this, we have appointed David Mayhew and team from JP Morgan Cazenove as a special advisor to a newly established Supervisory Board committee on shareholder relations. We will increase our program of webcasts and events for analysts and investors, which will augment our ongoing schedule of roadshows and management meetings. Senior Executive remuneration will be aligned to the new financial plan.
“I am also able to confirm today that, barring any exceptional circumstances, I intend to retire as planned and in-line with the Dutch corporate governance code, from my position as Chairman of the Supervisory Board of AkzoNobel, following the completion of my third term in office in April 2018. A process is now underway to identify my successor.
“All our stakeholders are important and the Supervisory Board and the management team look forward to continued engagement with shareholders as we deliver on our strategy to accelerate growth and value creation.”
For more information on the EGM and the agenda items, we refer to the Agenda with explanatory notes and the EGM Notice. AkzoNobel will also update on the timing of shareholder approval for the separation of Specialty Chemicals. These documents can be found on the AkzoNobel corporate website.