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Monday 10 December, 2012

Corio NV

Corio enhances Corporate Governance structure

Corio enhances Corporate Governance structure

In light of Corio's best in class ambitions in all areas, Corio reviewed its corporate governance structure. As a result, Corio will propose a number of changes to the shareholders during the Annual General Meeting (AGM) to be held on 18 April 2013.

The first and most significant amendment concerns the proposed abolition of the large company regime that is currently incorporated within Corio in combination with granting the General Meeting the authority to approve an appointment or dismissal of a member of the Management Board and Supervisory Board as proposed by the Supervisory Board. An appointment or dismissal of a member of the Management Board and Supervisory Board which is not proposed by the Supervisory Board can be approved by the General Meeting by qualified majority of 2/3 of the votes representing more than 50% of the issued share capital. The second amendment is that investments and divestments of more than 20% (currently 33.33%) of the total balance sheet will be put before the General Meeting for approval.

The necessary amendments to the Articles of Association that are required to implement these changes in the corporate governance structure will be put forward to the AGM. The authorization of Corio to issue or buy its own shares remains unlimited. However, Corio will adopt the policy to limit, in line with market practice, its authorization to 10% of the issued shares for a period of 18 months in case of general share issuance and buybacks and an additional 10% of the issued shares in case of share issuance for M&A purposes.

Corio's major shareholder APG has already indicated that it supports all proposed changes.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Corio NV via Thomson Reuters ONE


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