Today marked the 157th Annual General Meeting (AGM) of Nestlé S.A., held at the SwissTech Convention Center in Lausanne. Shareholders greenlit all propositions presented by the Board of Directors, notably including the appointment of Geraldine Matchett. However, a shareholder proposal seeking an amendment to the Articles of Association was turned down.
A notable 1,107 shareholders or their proxies graced the event in person, representing 54.7 percent of the capital and 79.5 percent of the shares entitled to vote. The Independent Representative acted on behalf of an overwhelming 99.3 percent of shares represented at the AGM.
Geraldine Matchett, previously renowned for her roles as Co-Chief Executive Officer and CFO at DSM-Firmenich AG, a leading company in nutrition, health, and beauty, was elected to Nestlé S.A.’s Board of Directors.
In a significant shift, Henri de Castries, after 12 years of dedicated service, opted not to seek re-election, aligning with the company’s internal term limit policy. Paul Bulcke, Chairman, expressed deep gratitude on behalf of the Board for Henri de Castries’ invaluable contributions as Vice Chairman and Lead Independent Director. Additionally, Kimberly A. Ross, with a six-year tenure on the board, chose not to stand for re-election due to personal reasons, earning sincere appreciation from the Chairman for her significant contributions.
The Chairman and all other Board members were re-elected for a term extending until the conclusion of the subsequent Annual General Meeting. Shareholders also elected members to the Compensation Committee for a one-year term.
Pablo Isla is set to take on the mantle of Lead Independent Director and Vice Chairman, alongside chairing the Board’s Nomination Committee. Dick Boer will spearhead the Compensation Committee, while Hanne de Mora and Renato Fassbind will retain their roles chairing the Sustainability Committee and the Audit Committee, respectively.
Approval was granted for the annual review, financial statements, proposed dividend of CHF 3.00 per share, and capital reduction, with the dividend marking a 5-centime increase from the previous year.
In a first-time occurrence, shareholders voted on and ratified Nestlé’s Creating Shared Value and Sustainability Report 2023. They also gave the nod to the Compensation Report 2023, as well as the total compensation budgets for Nestlé’s Board of Directors and Executive Board. Ernst & Young Ltd secured re-election as statutory auditors for the financial year 2024.
