Meeting of the Corporate Assembly of Orkla ASA

17.02.2005: At a meeting today, the Corporate Assembly of Orkla ASA reviewed the Board of Directors' proceedings relating to and the grounds for Finn Jebsen's resignation.

The Corporate Assembly took due note of the Board of Directors' decision concerning Finn Jebsen's resignation.
 
The Corporate Assembly had received written statements from the shareholder-elected and employee-elected members of the Board of Directors and from Finn Jebsen.
 
The employee-elected members of the Board of Directors had moved for a vote of no confidence in the Chairman of the Board of Directors as a result of the Board of Directors' handling of the proceedings leading to Mr Jensen's resignation. Chief trade union representative Aage Andersen presented the grounds for the motion.
 
The majority (14) of the Corporate Assembly is of the opinion that there are no grounds for a lack of confidence in the Chairman of the Board. The minority (7) of the Corporate Assembly considers that there are grounds for such lack of confidence.
 
The Corporate Assembly emphasised that it also takes a serious view of the fact that there have been leaks concerning the work of the Board of Directors of Orkla ASA for several years. However, the Corporate Assembly is of the opinion that there is little probability that even a comprehensive investigation will reveal the sources of these leaks. On this basis, the Corporate Assembly chose not to open an investigation at the present time, but once again emphasised the gravity of the situation.