ZURICH, Feb 18 (Reuters) - Swiss consumer goods giant Nestle said on Wednesday it has proposed former Swiss National Bank Chairman Thomas Jordan to serve on its board of directors and that it plans to
Nestle Nominates Ex-SNB Chairman Thomas Jordan to Its Board of Directors
ZURICH, Feb 18 (Reuters) - Swiss consumer goods giant Nestle said on Wednesday it has proposed former Swiss National Bank Chairman Thomas Jordan to serve on its board of directors and that it plans to overhaul the company's governance practices.
Board Nominations and Governance Overhaul
Nestle has been roiled by managerial turmoil over the past year-and-a-half with two CEOs departing and a chairman stepping down early amid serious setbacks that have hit its share price and raised questions about its corporate governance.
Proposed Directors: Thomas Jordan and Fama Francisco
Nestle said Jordan would be put forward alongside Fatima Francisco, chief executive officer of Procter & Gamble's Global Baby, Feminine and Family Care sector for election to the board of directors at its annual general meeting on April 16.
Changes Effective at the AGM
The firm said it had reviewed its practices and committee structure and would make changes to take effect at the AGM.
Increased Meeting Frequency
Those changes include introducing additional meetings in order to increase board engagement, and revising committee structures and responsibilities, Nestle said.
Chair’s & Corporate Governance Committee Dissolved
Nomination and Corporate Governance Committee
Audit and Finance Committee
Committee Restructuring
The chair's and corporate governance committee will be dissolved, with its finance duties assumed by a new audit and finance committee and its corporate governance brief by a nomination and corporate governance committee, it added.
(Writing by Dave Graham, editing by Maria Martinez)
