Dutch retailer Ahold today [Monday] outlined how it intends to implement the recommendations of the Dutch Tabaksblat Committee on corporate governance.
The proposals will be discussed in an Extraordinary General Meeting of shareholders on 3 March 2004. Key among these is more say for shareholders on crucial issues such as voting rights, the company said.
Ahold president & CEO Anders Moberg commented: “With these proposals we reaffirm our strong commitment to corporate governance throughout the new Ahold. Instead of waiting until next year before reporting on the company’s 2004 corporate governance policy, we decided to announce our position today. The proposed changes to the Articles of Association, the rules for the supervisory board and its committees (audit committee, remuneration committee and selection and appointment committee) and the rules for the executive board, as well as the proposed general remuneration policy, substantially satisfy the requirements of the Tabaksblat code.”
Peter Wakkie, corporate executive board member and chief corporate governance counsel, defined Ahold’s implementation of the ‘comply or explain’ principle. “Before largely adopting the Tabaksblat Committee’s recommendations, we reviewed in detail all the implications and came to the conclusion that the company’s Articles of Association had to be amended in some areas. Shareholders will have every opportunity to express their point of view during the 3 March meeting.”
To view a comprehensive statement from Ahold click here.