Nestlé named Maestri and Leong as new board of directors

Nestlé named Maestri and Leong as new board directors

April 12 - 2022

Coffee Geography Magazine

Shareholders at Nestlé approved all of the Board of Directors' proposals at the 155th Annual General Meeting (AGM) that took place in Vevey. This included the election of Luca Maestri and Chris Leong to the Board of Directors. Due to the COVID-19 pandemic the Annual General Meeting was held without the attendance of shareholders. Shareholders were able to exercise their voting rights through the Independent Representative, who acted on behalf of 59.7 percent of Nestlé's capital and 81.6 percent of Nestlé shares entitled to vote.

Luca Maestri, Chief Financial Officer at Apple, and Chris Leong, Chief Marketing Officer at Schneider Electric, were elected to Nestlé S.A.'s Board of Directors. Ann M. Veneman retired from the Board after 11 years of highly appreciated service. Kasper Rorsted decided not to stand for re-election. The Chairman and all other members of the Board of Directors were re-elected individually for a term of office until the end of the next Annual General Meeting. Shareholders also elected the members of the Compensation Committee for a one-year term.

The annual review and the financial statements were approved, as were the proposed dividend of CHF 2.80 per share and the capital reduction. The dividend represented an increase of 5 centimes over the previous year, marking 27 consecutive years of dividend growth. Shareholders also approved the total compensation budgets for Nestlé's Board of Directors and Executive Board. Ernst & Young Ltd was re-elected as statutory auditors for the financial year 2022. For the year ahead, the Board and its different committees will be composed as follows: 

Board of Directors

 Paul Bulcke, U. Mark Schneider, Henri de Castries, Renato Fassbind, Pablo Isla, Eva Cheng, Patrick Aebischer, Kimberly A. Ross, Dick Boer, Dinesh Paliwal, Hanne Jimenez de Mora, Lindiwe Majele Sibanda, Luca Maestri, Chris Leong. 

Chair's and Corporate Governance Committee 

Paul Bulcke, U. Mark Schneider, Henri de Castries, Renato Fassbind, Pablo Isla, Hanne Jimenez de Mora 

Compensation Committee 

Pablo Isla, Patrick Aebischer, Dick Boer, Dinesh Paliwal Nomination Committee Henri de Castries, Paul Bulcke, Eva Cheng, Dinesh Paliwal

 Sustainability Committee 

Hanne Jimenez de Mora, Dick Boer, Lindiwe Majele Sibanda, Chris Leong

 Audit Committee 

Renato Fassbind, Henri de Castries, Kimberly A. Ross, Luca Maestri