ING Direct 2002 Annual Report Download - page 93

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Annual Report 2002 · ING Group90
Corporate Governance
contained in Annex X of the Rules Relating
to Securities of Euronext Amsterdam N.V.,
Amsterdam, have been complied with.
AMSTERDAM, 10 MARCH 2003
BOARD OF STICHTING
ADMINISTRATIEKANTOOR ING GROEP
EXECUTIVE BOARD OF ING GROEP N.V.
STICHTING CUMULATIEF PREFERENTE
AANDELEN ING GROEP
The Stichting Cumulatief Preferente Aandelen
ING Groep, established in Amsterdam, was
founded on 22 January 1991.
A call-option agreement has been
concluded between the Stichting and ING
Groep N.V. This agreement gives the Stichting the
right to acquire cumulative preference shares in
the capital of ING Groep N.V. up to a maximum
of 900 million cumulative preference shares.
Whenever the Stichting acquires cumulative
preference shares, it may acquire any number of
cumulative preference shares in such a way that
immediately after these cumulative preference
shares have been issued, no more than one third
of the total issued share capital of ING Groep
N.V. consists of cumulative preference shares.
If and whenever new shares – other than
cumulative preference shares – are issued
subsequently, the Stichting may again exercise its
right, subject to the provisions of the preceding
sentence. On acquisition of cumulative
preference shares, 25% of the nominal value is
to be paid up.
During its meeting on 3 December 2002,
the Board of the Stichting decided to amend its
Articles of Association. The main changes are that
the Stichting is renamed Stichting Continuïteit
ING (‘Trust Office ING Continuity’) and that no
ING Board members can be a member of the
Board of the Stichting.
On 1 April 2002, Henk Goris stepped down
from the Board having reached the statutory
age limit. The composition of the Board is
currently as follows: Ad Timmermans (Chairman),
Bas Kortmann, Allard Metzelaar, Wim van
Vonno, Lutgart van den Berghe, Paul van der
Heijden and Ewald Kist (non-voting member).
The latter three members will resign once the
amendment to the Articles of Association of the
Stichting ING Aandelen takes effect, which is
expected to take place after the Annual General
Meeting of 15 April 2003.
Statement of independence
The Board of Stichting Cumulatief Preferente
Aandelen ING Groep and the Executive Board of
ING Groep N.V. hereby declare that in their joint
opinion the requirements concerning the
independence of the members of the Board of
Stichting Cumulatief Preferente Aandelen ING
Groep contained in Annex X of the Rules
Relating to Securities of Euronext Amsterdam
N.V., Amsterdam, have been complied with.
AMSTERDAM, 10 MARCH 2003
BOARD OF STICHTING CUMULATIEF
PREFERENTE AANDELEN ING GROEP
EXECUTIVE BOARD OF ING GROEP N.V.