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ING Group (AMS:INGB) ING announced today that Lodewijk de Waal and Peter Elverding have been nominated by the Dutch government for the Supervisory Board of ING Group.
ING announced on 19 October that it has reached an agreement with the Dutch government to strengthen its capital position. Under the terms of the agreement the Dutch state obtained the right to nominate two members for the ING Group Supervisory Board, to be elected at the General Meeting of Shareholders (GMS) in 2009. The nominees will be represented on the Audit Committee, Corporate Governance Committee and Remuneration and Nomination Committee of the Supervisory Board. The nominees will have approval rights for decisions concerning equity issuance or buyback, strategic transactions with a value equalling more than one quarter of ING's share capital and reserves and proposals to shareholders regarding the remuneration policy.
Following the nomination by the Dutch government ING Group will propose to the 2009 GMS the appointment of Lodewijk de Waal to the Supervisory Board of ING Group. Until his appointment he will attend the Supervisory Board as an observer for the government.
Peter Elverding is already a member of the ING Supervisory Board since 1 August 2007. Until the approval rights will become effective, he will also be an observer for the government.
The approval rights will be laid down in the Charter of the Supervisory Board and will become effective after the GMS, to be held on 27 April 2009.
Lodewijk de Waal was Chairman of the Federation of Netherlands Trade Unions (FNV) from 1997 to 2005. He was a member of the Supervisory Board of the Dutch development bank FMO until May 2008. He is member of the Supervisory Board of the Dutch pension fund PGGM and has several functions with social cultural organisations and in the area of development cooperation. He is currently director of Humanitas, Dutch association for social services and community structure.
Additional information on the composition of the Supervisory Board of ING Group can be found on www.ing.com.
Press enquiries Peter Jong ING +31 20 541 5457 Peter.Jong@ing.com
Profile ING ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 130,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
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