Multinational giant Nestlé held its Annual General Meeting (AGM) in Lausanne yesterday.
According to Nestlé’s statement, 1988 shareholders attended the AGM and represented 54.6 per cent of the capital and 78.2 per cent of the shares entitled to vote. The annual review and the accounts were approved.
“Nestlé‘s long-term orientation comes from the belief that we must constantly anticipate, adapt and invest to prepare for the future. It is through permanent innovation and by investing for the future that our company will continue to develop in a sustainable and profitable way,” Nestlé chairman Paul Bulcke emphasised.
“The relationship between Nestlé and Switzerland is deep and mutually beneficial. Nestlé will continue to ensure a good balance between its roles as a business and as a corporate citizen at the national, regional and local levels.”
The shareholders further approved the proposed dividend of CHF 2.35 per share and the proposed capital reduction. All proposals of the Board of Directors were approved with strong majorities. They elected Pablo Isla, CEO of Inditex; Kasper Rorsted, CEO of Adidas; and Kimberly Ross, former CFO of Baker Hughes, as new members of the Board. Three directors, Andreas Koopmann, Steven Hoch and Naïna Lal Kidwai, did not stand for re-election as they have reached the term limit. The Board warmly thanked them for their highly appreciated services and important contributions as directors.
“Nestlé keeps innovating and developing its product portfolio to meet changing consumer demands and lifestyles. We are acting with a great sense of urgency, but also with prudence and always in line with our nutrition, health and wellness strategy. With this approach we target faster growth and greater profitability, in line with our 2020 objectives,” Nestlé CEO Mark Schneider said.
Nestlé said the shareholders elected the Chairman and all other members of the Board of Directors individually for a term of office until the end of the next AGM. Henri de Castries, lead independent director, was appointed as vice chairman of the Board. The shareholders approved prospectively the total compensation of the Board of Directors and the Executive Board. They also accepted the Nestlé Compensation Report 2017 in an advisory vote.
For the year to come, the Board and its different Committees will be composed as follows:
Board of Directors
Paul Bulcke, U. Mark Schneider, Henri de Castries, Beat W. Hess, Renato Fassbind, Jean-Pierre Roth, Ann M. Veneman, Eva Cheng, Ruth K. Oniang’o, Patrick Aebischer, Ursula M. Burns, Kasper B. Rorsted, Pablo Isla, Kimberly A. Ross
Chairman’s and Corporate Governance Committee
Paul Bulcke, U. Mark Schneider, Henri de Castries, Beat W. Hess, Renato Fassbind
Compensation Committee
Beat W. Hess, Jean-Pierre Roth, Patrick Aebischer, Ursula M. Burns
Nomination and Sustainability Committee
Henri de Castries, Paul Bulcke, Ann M. Veneman, Eva Cheng
Audit Committee
Renato Fassbind, Henri de Castries, Eva Cheng, Kimberly A. Ross
