05-08-2008: Fortis press release - 5 August 2008

Deminor, Test-Achats and VEB join their forces to convene an extraordinary general meeting of Fortis’ shareholders.

For more than a month, Deminor, Test-Achats and VEB have been contesting the quality and reliability of the information released by Fortis. The board of directors' proposition about organising informal information meetings comes too late and will not enable to restore the trust between Fortis shareholders, management and the board of directors. Three weeks after the capital increase, the departure of Mr Votron and the change of position of Mr Mittler do not reassure the shareholders about the strategy maintained by the board of directors.

Deminor, Test-Achats and VEB call for an optimal information exchange to the shareholders and for a strengthening of the shareholders' position. The refusal of convening of an extraordinary general meeting by Fortis is a sign of disrespect for the shareholders' rights and their interests. The extraordinary general meeting is a major formal tool which allows shareholders to hear the board of directors.

To allow shareholders to validate the board of directors and the management's choices, Deminor, Test-Achats and VEB have opened their websites so that shareholders who wish the convening of an extraordinary general meeting can register their name and number of shares held. Indeed, shareholders who represent together 10% of the shares can convene an extraordinary general meeting and set the agenda. When enough shareholders are registered, Deminor, Test-Achats and VEB will make the necessary arrangements to convene an extraordinary general meeting and to set the agenda.

There are three major reasons to convene an extraordinary general meeting.

Firstly, Fortis executives have to justify their responsibility in the events which led to emergency measures taken and implemented on the 26th June 2008 without participation of common shareholders.

Then, the shareholders should receive the possibility to discuss with the board of directors about the future of Fortis and the restoration of trust in the company.

Finally, the extraordinary general meeting has to open a debate about the corporate governance of Fortis. This governance and the Fortis structure should be modernised. The board composition and its power allocation, the strengthening of the control by the shareholders, the change within the remuneration policy and the simplification of the exercise of the voting rights are matters which need to be discussed.

Deminor, Test-Achats and VEB strive to set up an extraordinary general meeting in the course of the month November 2008.

The registration websites are the following:

 

www.deminor.com

 
www.test-achats.be

www.veb.net/fortis

 

Contact details

Deminor

Pierre Nothomb

Tel. +32-2-674.71.10

 

Test-Achats
Ivo Mechels
Tel. +32-2-542 33 01

 

VEB

Niels Lemmers
Tel. +31-70-313 00 00