Euroshareholders, the pan-European organisation of shareholder associations, has today asked the boards of Fortis NV and Fortis SA/NV, which boards consist of the same persons, to step down.
Euroshareholders has five important reasons for this request:
- the board of directors and the executive committee of Fortis bear full responsibility for the events that have led to the dismantling of Fortis as a listed bank-insurance company.
- The board of directors an the executive committee of Fortis are responsible for the misinformation, the mismanagement and a substantial part of the value destruction (50 billion euro) over the last 18 months.
- It can be expected that Fortis in its communication with shareholders and the investment community, will be reluctant to give additional information because that could incriminate their own position.
- It is likely that the persons that are currently serving as board member or executive, will direct much of their energy and actions, to defend their behaviour in the past year.
- The current state of the company with as main assets a 66% stake in a vehicle with a ‘structured products’ portfolio and the International Insurance business, requires a different composition of the board of directors and the executive committee. In the current situation the main task of the executives will be to realise the value of the current assets: sale of the international insurance arm and liquidation of the structured products portfolio. The task of the board of directors would be to overlook this process.
Euroshareholders therefore has requested the current members of the board of directors and the current members of the executive committee to step down, without any compensation, severance pay or paid advisorship.
Board of Directors
| Jan-Michiel Hessels (CH) | Chairman of the Board of NYSE Euronext |
| Philippe Bodson | Former CEO of Tractabel |
| Louis Cheung Chi Yan | Executive Director of Ping An |
| Richard Delbridge | Former CFO of Natwest |
| Filip Dierckx | Current CEO of Fortis, chairman of Executive Committee (not appointed) |
| Clara Furse | CEO of the London Stock Exchange |
| Reiner Hagermann | Former management board member at Allianz |
| Jaques Manardo |
Former member of Executive Committee of Deloite & Touche |
| Aloïs Michielsen |
Former Chairman of Executive Committee at Solvay |
| Ronald Sandler |
Former COO at Natwest |
| Rana Talwar |
Former CEO of Standard Chartered |
| Klaas Westdijk |
Former CEO of Pakhoed |
| Herman Verwilst | CEO of Fortis until September 26th 2008 |
Group Executive Committee
Filip Dierckx, CEO
Lex Kloosterman, member
Camille Fohl, member
Peer van Harten, member
Alain Dechênes, member
According to Euroshareholders the composition of the board should be the following
Board of Directors: 3 to 4 members
Executive Committee: 3 members
The members of the Board and the Executive committee should be independent, no (former) Fortis employees/executives and have no relationship with one of the 3 Benelux states.
For an interim period of 6 months one member of the Board of Directors – Euroshareholder proposes Mr Cheung Chi Yan – could remain on the board to ensure continuity in the transition process.
Euroshareholders
