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Nestle dismisses Board...

Nestle dismisses Board resignation speculation

12 Apr 2005
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Nestle said that the Board made its position clear in relation to proposals made by a group of shareholders entitled to add points to the agenda.

12/04/05 Nestle is stressing that there is no threat of collective resignation of its Nestlé Board of Directors. The move follows speculations and interpretations published by the Swiss Sunday press, as the wolrd’s biggest food company prepares for Peter Bracbeck to fulfill both Chairman of the Board and CEO roles this week.

Nestle said that 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.  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.

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