Unilever N.V.
Unilever N.V.: Unilever Retains And Strengthens Its Dual Structure
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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UNILEVER RETAINS AND STRENGTHENS ITS DUAL STRUCTURE
The Board of Unilever today announces the outcome of the final stage of its
review of corporate governance and structure. Two previous stages concentrated
on its board and leadership structure.
Following a review of its current corporate structure, the Unilever Board
concluded that:
– The current structure, with some important changes, meets the needs of the
business for the foreseeable future. It provides fiscal flexibility and does
not hinder the operation of the business, decision-making or organisational
efficiency, all of which have been substantially strengthened by the changes
introduced at this years’ AGMs
– Alternative unitary structures would not today offer compelling benefits
The Board has therefore decided that the NV/PLC structure is well-placed to
meet the needs of Unilever’s business and the interests of shareholders.
The changes we are proposing will enhance balance sheet and capital structure
flexibility and further improve elements of our corporate governance.
Specifically, the Board has decided:
– To adapt Unilever’s constitutional arrangements to allow greater flexibility
to allocate assets between both parent companies. This will ensure that
Unilever continues to be able to return capital to shareholders and to pay
dividends in the most efficient manner
– To simplify the relationship between our PLC and NV shares by establishing a
one-to-one equivalence in their underlying economic value. This will create
transparency between the quotations of our various shares and will be achieved
by a split of the NV shares and a consolidation of the PLC shares
– To allow shareholders the right to nominate candidates to the Board, taking
into account the need to ensure the unity of management. Unilever already has,
in effect, a unified board structure with one Chairman and one Group Chief
Executive.
Unilever N.V.
Weena 455
3013 AL Rotterdamm
Netherlands
ISIN: NL0000009348
WKN: 860028
Listed: Amtlicher Markt in Frankfurt (General Standard); Freiverkehr in
Berlin-Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 19.12.2005
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