Nestle is rejigging its corporate governance in order to better leverage directors' skills.
Former Swiss National Bank chairman Thomas Jordan will be proposed for election to Nestle's board at April's shareholders' meeting, as will Procter & Gamble executive Fatima D. Francisco, the Swiss company said in a release Wednesday. Jordan stepped down from the top central-bank job in September 2024.
The Switzerland-based consumer-goods giant said it will dissolve the chair's and corporate governance committee as of the April meeting, with its duties subsumed into those of a new audit and finance committee and a combined nomination and corporate-governance committee.
Meanwhile, the sustainability committee will become the science, technology and sustainability committee, with expanded duties to advise on those issues.
"Each Board member will in principle serve on two committees, increasing participation and supporting well-founded recommendations to the full Board, which retains overall governance responsibility," the company said.
The board of directors will also meet more often, Nestle said, in order to increase engagement.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
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