Fiat CEO says AGM delayed to 2nd half of June to revise corporate governance

Fiat SpA CEO Sergio Marchionne said the company's annual shareholder meeting has been delayed until the second half of June in order to overhaul its system of corporate governance.
In a statement, Marchionne replied to a series of issues cited by brokers to explain a sharp fall in Fiat (Milan: FIA.MI - news) 's share price today, including contradictory comments on the shareholder meeting delay.

'The board will propose to increase by three or four, the number of independent directors,' he said.

In addition, minority shareholders will benefit from introduction of a list system for nominating directors, plus Fiat plans an overhaul of the audit committee to bring it in line with US practice.
Marchionne said market rumours on a possible change to the terms of a 3 bln eur bond held by banks and convertible into Fiat shares are 'unfounded'.

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