Clariant and SABIC have jointly announced the signing of a governance agreement that determines the principles of Clariant’s future governance.
The agreement also defines SABIC’s position as a strategic anchor shareholder and confirms Clariant’s independence as a publicly listed company under Swiss corporate governance.
SABIC recently completed the purchase of a 24.99 % stake in Clariant.
At the extraordinary general meting (EGM) scheduled for 16 October 2018, it will be proposed to expand the Clariant board of directors to 12 members, of which four are to be nominated by SABIC. Furthermore, it will be proposed that Hariolf Kottmann will become the new chairman of the board, succeeding Rudolf Wehrli. Hariolf Kottmann will resign from his position as Clariant CEO on 16 October 2018. SABIC’s current Specialties Executive Vice President, Ernesto Occhiello, has been appointed as new CEO of Clariant, effective as of 16 October 2018.
The new CEO will not be part of the board of directors.
The four SABIC-proposed members for the board of directors are: Abdullah Mohammed Alissa, Calum MacLean, Geoffery Merszei and Dr. Khaled Hamza Nahas.
The changes in governance will not affect other elements of the governance structure of Clariant. The registered seat of Clariant shall continue to be in Muttenz, Switzerland, its headquarters and corporate center in Pratteln, Switzerland. Clariant shares will remain listed on the SIX Swiss Exchange.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/18092018/clariant-and-sabic-enter-governance-agreement/