Akzo Nobel shareholders approve dividend

Akzo Nobel shareholders approve dividend Arnhem, the Netherlands, April 22, 2004 - Akzo Nobel N.V. shareholders today approved the 2003 dividend proposal from the Board of Management. Akzo Nobel will pay a dividend of EUR 1.20 (2002: EUR 1.20) per common share for the year 2003. Of this dividend, EUR 0.30 per share was already paid as an interim dividend last November. The final dividend will thus be EUR 0.90 per share. This results in a dividend payment of EUR 343 million, a payout ratio of 42% (2002: 38%) relative to net income excluding nonrecurring items. This final dividend will be made payable from May 10, 2004. The Akzo Nobel shares will be traded ex-final dividend on Euronext Amsterdam on April 26, 2004. Changes in the Supervisory Board At today's meeting, shareholders approved the proposal to decrease membership of the Supervisory Board from eleven to ten. The proposal to appoint Dolf van den Brink (56) to the Supervisory Board for a four-year term, effective May 1, 2004, was also approved. Mr. van den Brink is professor Financial Institutions at the University of Amsterdam and a former member of the Managing Board of ABN AMRO Bank. Aarnout Loudon and Virginia Bottomley were both reappointed to serve on the Supervisory Board. Mr. Loudon for a two-year period and Mrs. Bottomley for a four-year period. Frits Fentener van Vlissingen (70), who has served on the Board since 1984, resigned having reached the age limit. For 11 years he was Deputy Chairman and for two interim years Chairman. In addition, he was a member of the Audit Committee and of the Remuneration and Nomination Committee. During the meeting, the Chairman of the Supervisory Board, Aarnout A. Loudon, expressed the Company's deep appreciation to Mr. Fentener van Vlissingen for his dedication to Akzo Nobel. Changes in the Board of Management The shareholders at today's meeting appointed Rob Frohn (44), General Manager of Akzo Nobel's Surface Chemistry business until January 1, 2004, for a four-year term as successor to Fritz Fröhlich as CFO. Mr. Fröhlich will retire as Deputy Chairman and CFO as of May 1, 2004. Leif Darner (51), General Manager of the Marine & Protective Coatings business unit, was appointed for a four-year term as successor to Dag Strömqvist. Mr. Strömqvist will retire from the Board of Management effective July 1, 2004. Corporate Governance During the meeting Mr. Loudon expressed the Company's great indebtedness to both gentlemen for their excellent services to the Company. In the Company's 2003 Annual Report, considerable attention is paid to Corporate Governance. Possible deviations from the recommendations by the Tabaksblat Committee are also mentioned. These aspects were discussed during today's General Meeting of Shareholders. The Board of Management and the Supervisory Board will take these discussions into account when a final position on the Company's corporate governance is taken, which will subsequently be laid down in the 2004 Annual Report. Long-term incentive plans The long-term incentive plans for the Board of Management, consisting of a performance stock option plan and performance shares, were approved. Both plans are linked to quantifiable and challenging targets in line with the Tabaksblat code. Note for the editor Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2003 totaled EUR 13 billion. The Company currently employs approximately 64,300 people in more than 80 countries. The financial results for the second quarter will be published on July 19, 2004. Internet: www.akzonobel.com Not for publication - for more information Akzo Nobel N.V. Corporate Media Relations, tel. +31 26 366 4343 Safe Harbor Statement* This press release may contain statements which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements should be carefully considered and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more complete discussion of the risk factors affecting our business please refer to our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission. A copy of which can be found on the Company's website. * Pursuant to the U.S. Private Securities Litigation Reform Act 1995. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/04/23/20040423BIT20080/wkr0006.pdf Pressmeddelandet som pdf