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).
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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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Safe Harbor Statement
This press release contains statements which address key issues such as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our latest annual report, a copy of which can be found on our website: www.akzonobel.com.
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