Nestle Sparks Corporate Governance Row In Switzerland by Ulrika Lomas, for LawAndTax-News.com, Brussels 15 April 2005 Despite the corporate governance furore sparked by the announcement that Nestlé's chief executive, Peter Brabeck intended to take on the additional role of chairman, it emerged on Thursday that shareholder backing had been secured for the move. Speaking ahead of the meeting, retiring chairman Rainer Gut announced that: "We refuse to be hobbled by voluntarily introducing limitations that go beyond what Swiss law and the Swiss standards of corporate governance prescribe." In a vote on a proposal put forward by Swiss pension funds to split the roles, 51% of shareholders reportedly voted against a forced split, 36% voted in favour, and 14% abstained. Shareholders were, however, informed that the occupation of the dual role would be temporary. .

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