AkzoNobel Says Strongly Supports Its Chairman

(RTTNews) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS, AKZOY) said its Supervisory Board has concluded that request from Elliott Advisers to dismiss the Chairman did not meet the standards required under Dutch law. The request was irresponsible, disproportionate, damaging and not in the best interests of the Company. Given the sole agenda item, there was no legal basis for calling an EGM.

Byron Grote, Deputy Chairman of the Supervisory Board said, "Following a thorough review and careful considering of this request the Supervisory Board reiterates its unanimous support for Mr. Burgmans in his role as Chairman. His unique experience in international business and global transactions is crucial to the Company.... It is essential that the steady and experienced hand of the Supervisory Board and its Chairman remains focused on the task of steering the company at this crucial time." 

In its statement of April 12, 2017, AkzoNobel confirmed receipt of a request from certain shareholders, led by Elliott Advisors, to hold an EGM with the sole agenda item of dismissing Mr. Antony Burgmans as Chairman of the Supervisory Board. The Supervisory Board subsequently conducted a thorough review in response to this request and has taken detailed legal advice.