AkzoNobel Nominates New Supervisory Board Members, Reaches Agreement with Elliott Advisors
AMSTERDAM - AkzoNobel has nominated two new Supervisory Board members, Sue Clark and Patrick Thomas, and announced its intention to nominate a third member.
The appointment of the candidates will be put to AkzoNobel shareholders at an extraordinary general meeting later this year.
Antony Burgmans, Chairman of the Supervisory Board of AkzoNobel, said, "Sue and Patrick are extremely well qualified individuals with a wealth of global experience. The Supervisory Board is looking forward to working with them as we continue to focus on creating value for shareholders and all other stakeholders at this important time for AkzoNobel."
The company also announced that it has reached an agreement with affiliates of Elliott Advisors (UK) Limited following recent dialogue, with the aim of normalizing the relationship with its shareholders.
The agreement includes alignment on the AkzoNobel strategy to fully separate Specialty Chemicals. In addition, Elliott will support the appointment of Thierry Vanlancker as a member of the Board of Management of AkzoNobel at the upcoming extraordinary general meeting.
AkzoNobel and Elliott have also agreed, subject to the terms of a standstill agreement, to seek to suspend all ongoing litigation for at least three months.
Burgmans commented, "I am pleased our recent constructive discussions with Elliott improved understanding between both parties. AkzoNobel remains focused on creating two world-class, high-performing businesses, Specialty Chemicals and Paints and Coatings. We look forward to a continued constructive relationship focused on creating value for all shareholders and other stakeholders. This agreement is fully in line with our ongoing program to strengthen and maintain a constructive dialogue with all our shareholders. We look forward to a successful EGM on September 8."