This is good news. The two roles, Chairman and CEO should be separated and held by separate individuals, and the former should be non-executive.
This may be a change from the usual practice in Switzerland, however, shareholders are right to insist upon it.
It will be a good day for governance if it goes through!
OAM
See article:
Peter Brabeck, chief executive of Nestl?, was dealt a severe blow on Thursday as a surprisingly high proportion of the Swiss foods group's shareholders opposed plans for him to assume the chairmanship alongside his current role.
Some 36 per cent of the shares represented at Nestl?'s annual general meeting supported a motion by an institutional shareholders' group to prevent a combination of the two jobs.
See full Article, in pdf format.
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