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April 12, 2005

SWITZERLAND: Nestlé says no collective resignation threat from directors

Swiss food giant Nestlé SA has denied speculation in the Swiss Sunday press that there its board had threatened to resign.

Swiss food giant Nestlé SA has denied speculation in the Swiss Sunday press that there its board had threatened to resign.

“Following speculations and interpretations published by the Swiss Sunday press, Nestlé SA and its board of directors wish to underline that there is no threat of collective resignation of the board,” it said.

“The board made its position clear in relation to proposals made by a group of shareholders entitled to add points to the agenda, one of which would prevent the same person simultaneously holding the position of chairman of the board and CEO,” it said. “The board is opposed to these proposals and explained its objections exhaustively when inviting shareholders to the 14 April 2005 general meeting.  The board considers that such a proposal would constitute a serious limitation to its freedom of action on a point of strategic importance.”
 
“Nestlé respects the right of its shareholders to make up their own minds and has no intention of influencing them by making threats,” it said.

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