26th Mar 2008 16:15
Aviva PLC26 March 2008 26 March 2008 DELTA LLOYD: CORPORATE GOVERNANCE UPDATE In October 2004 a change was made to Dutch law concerning the so-called 'largecompany regime', which means that the appointment of supervisory board directorsin those Dutch companies subject to this special regime are appointed by thecompany's shareholders, who vote on nominations made by the supervisory boarditself and the works council. Delta Lloyd, Aviva's Dutch subsidiary, to which this special large companyregime applies, takes the view that on the basis of agreements made in the past,the appointment of its supervisory board directors should continue to be madeaccording to the mechanism that previously existed, under which supervisoryboard directors are appointed by the supervisory board itself, taking intoaccount recommendations and/or objections of the shareholders. Accordingly,Delta Lloyd took proceedings against Aviva in Amsterdam to persuade the court toallow Delta Lloyd to retain its previous structure, for which the newlegislation also allows. The Amsterdam court has directed Aviva to vote in favour of a change to DeltaLloyd's articles requiring Aviva to adhere to the appointment mechanism whichexisted before the new law came into force. Aviva has the right of appeal to the Court of Appeal in Amsterdam and iscurrently considering whether it wishes to do so. Aviva does not expect the court's decision to have any adverse impact on thefinancial or operational performance of Delta Lloyd. - ends - Enquiries: Media Sue Winston, head of group media relations +44 (0)20 7662 8221Danielle Anthony, senior group media relations manager +44 (0)20 7662 9511Matthew Newton, Finsbury +44 (0)20 7251 3801 Analysts Charles Barrows, investor relations director +44 (0)20 7662 8115Jessie Burrows, head of investor relations +44 (0)20 7662 2111Susie Yeoh, investor relations manager +44 (0)20 7662 2117 Notes to editors: • Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006. • Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £49.2 billion and funds under management of £364 billion at 31 December 2007. • The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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