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.
Antony Burgmans, Chairman of Unilever stated that they have conducted a thorough and exhaustive review of our corporate structure. The Board has concluded that the present structure will serve our interests best, but with some significant changes made to it. These changes will provide additional and important balance sheet and capital structure flexibility and will further improve elements of our corporate governance.
Three important principles guided us. First, Unilever's commercial operations should be advanced and not prejudiced by any change. Second, any change should have tangible benefits for shareholders. Lastly, any change should improve transparency and flexibility. Based on these criteria the Board has unanimously decided to strengthen the current structure. This structure has been and still serves as a framework by which theycan benefit from the best of many cultures and influences.
The appropriate resolutions to implement the proposed changes will be put before shareholders at the annual general meetings in May 2006.
The review team was led by Chairman Antony Burgmans and included non executive directors Jeroen van der Veer and David Simon. Professional advice was provided by Rothschildand UBS Investment Bank, together with Michael Pescod of Tricorn Partners and John Studzinski of HSBC. Legal advice was provided by DeBrauw Blackstone Westbroek, Slaughter and May, Cravath, Swaine & Moore LLP.
Unilever's corporate mission – to add vitality to life – shows how clearly the business understands 21st century-consumers and their lives. But the spirit of this mission forms a thread that runs throughout our history, leading right back to the late 19th century.
marketing@alchempro.com
