AkzoNobel supports chairman regarding Elliott’s EGM request

AkzoNobel supports chairman regarding Elliott’s EGM request

5:07 AM, 26th April 2017
AkzoNobel supports chairman regarding Elliott’s EGM request

AMSTERDAM, NETHERLANDS: AkzoNobel NV strongly supports the chairman in response to extraordinary general meeting (EGM) request.

On 12 April, AkzoNobel received a request to hold an EGM to dismiss Antony Burgmans as chairman of the supervisory board. The request was received from a number of shareholders led by Elliott Advisors.

The supervisory board then conducted a full review in response to this request and has taken detailed legal advice.

They said that the request from Elliott Advisers to dismiss the chairman does not meet standards required under Dutch law. 

The request is irresponsible, disproportionate, damaging and not in the best interests of the Company. Given the sole agenda item, there is no legal basis for calling an EGM, they added.

“Following a thorough review and careful considering of this request the supervisory board reiterates its unanimous support for Burgmans in his role as chairman. His unique experience in international business and global transactions is crucial to the company,” said Byron Grote, deputy chairman of the supervisory board.

“It is essential that the steady and experienced hand of the Supervisory Board and its Chairman remains focused on the task of steering the company at this crucial time,” added Grote.

© Worldofchemicals News 

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