Twentieth resolution

Twentieth resolution

(Amendment of the Articles of Association concerning the transitional provisions relating to combining or segregating the functions of Chairman of the Board and Chief Executive Officer)

The Extraordinary Meeting, having heard the report of the Board of Directors, resolves to delete paragraph 3 of article 14 of Chapter IV of the Articles of Association, containing the transitional provisions relating to the organisation of the Bank's management.

Presentation of the resolution

In the twentieth resolution, shareholders are invited to amend the Articles of Association in order to delete the transitional provisions relating to the choice of whether to combine or separate the functions of the Chairman of the Board and Chief Executive Officer. These provisions - which stated that the choice should be made for the first time at the first Board Meeting after the AGM in 2002 - are no longer applicable.