The proposed expansion of the Management Board of AM NV (previously Amstelland MDC) was confirmed at the Annual General Meeting of Shareholders on 6 May 2004.
Peter Noordanus, who has served as Interim Chairman since January 2004, was appointed Chairman of the Management Board with immediate effect. With effect from today, Peter Ruigrok and Jaap Gillis hold positions as members of the Management Board. Coen van Oostrom will be appointed a member of the Management Board with effect from 1 July 2004.
These appointments are consistent with AM’s policy of rejuvenating and increasing the diversity of membership of the Management Board, as announced by the Supervisory Board in December 2003. AM’s Management Board will now consist of Messrs. Noordanus (Chairman), Hans van Veggel (Vice-Chairman), Gillis, Van Oostrom and Ruigrok.
The new Management-Board members and the Chairman will receive the following fixed annual salaries, including holiday pay:
- Mr. Noordanus, as Chairman of the Management Board: € 373,000
- Mr. Ruigrok, as member of the Management Board with primary responsibility for AM Wonen and AM Grondbedrijf: € 250,000
- Mr. van Oostrom, as member of the Management Board with primary responsibility for AM Development: € 250,000
- Mr. Gillis, as member of the Management Board and Vice-Chairman of AM Development: € 215,000
The variable remuneration and any termination payments are fully compliant with the best practice provisions of the Dutch Corporate Governance Code. Among other things, this means that the maximum annual bonus will not exceed the amount of the fixed annual salary.