Corporate Governance

In line with its Corporate Governance policy the Pension Fund made use of its voting rights at two general shareholders’ meetings in the first quarter of 2007. At one meeting, votes were cast against a bonus structure and in favour of the remaining agenda items.

At another meeting, there were grounds for voting against one item on the agenda. Once the motion in question had been removed from the agenda, the Pension Fund voted in favour of all (remaining) agenda items.
23rd April 2007

In line with its Corporate Governance policy the Pension Fund made use of its voting rights at 21 general shareholders' meetings in the second quarter of 2007. At 17 of those meetings the Pension Fund voted in favour of all agenda items and/or board proposals. At one meeting it voted against a remuneration policy proposal. At another meeting there were grounds for abstaining from voting on three out of four proposals pertaining to corporate strategy that had been placed on the agenda by a shareholder.

At yet another meeting votes were cast against the appointment of a number of non-executive directors because it was considered that those appointments would not have made the composition of the board sufficiently independent. Finally, at one meeting votes were cast against a proposal to authorise the board to issue preference shares and ordinary shares because preferential rights might thereby be excluded.

9th July 2007

The Pension Fund did not cast any votes during the third quarter of 2007. Pursuant to the Corporate Governance policy

no such General Shareholders’ Meetings were held.

18th October 2007

The Pension Fund did not cast any votes during the fourth quarter of 2007. Pursuant to the Corporate Governance policy

no such General Shareholders’ Meetings were held.

10th January 2008