PARIS, April 7 (Reuters) - A group of Danone
shareholders wants each member of the board of directors to
present his strategic vision for the French food group at the
April 29 annual shareholders meeting.
The request, made by a group of shareholders representing
0.7% of Danone's capital, was contained in an addendum to the
notice of the shareholders meeting published on Wednesday.
It comes after Danone's former boss Emmanuel Faber was
abruptly ousted as chairman and CEO last month, following
clashes with some board members over strategy and calls from
activist funds for him to resign over the group's lacklustre
returns compared with some rivals.
"The recent governance crisis at Danone has highlighted both
the dysfunctions in terms of form and the disagreements in terms
of substance that exist within the companys board of
directors," said the group of shareholders comprising asset
managers Phitrust, Ircantec, CAVP, OFI Asset Management and
Mirova.
They want each Danone board member to present "his or her
strategic vision for the group, in particular covering his or
her personal contribution in terms of environmental issues and
his or her approach to the organisation of balanced governance."
In a preliminary comment, the board of Danone said the
principle of collegiality in principle prevents the directors
from taking individual positions in public and that they are
"naturally supportive of all the decisions taken by the board".
The board, however, said it will answer this item and that
Danone will continue to engage in dialogue with shareholders.
The board reiterated its support to a plan dubbed "Local
First" - which will entail reorganising Danone around regional
hubs rather than brands - and its commitment to Danone's status
as an Entreprise a Mission (purpose-driven company).
It also said the separation of the CEO and Chairman roles
was the most suitable governance mode for the company.
(Reporting by Dominique Vidalon;
Editing by Andrew Cawthorne)