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ING Group Annual Report 2008
69
Stichting Continuïteit ING, a foundation organised under
the laws of the Netherlands, established in Amsterdam, was
founded on 22 January 1991. By amendment of the Articles
of Association on 23 June 2003, the former name ‘Stichting
Cumulatief Preferente Aandelen ING Groep’ was changed
into Stichting Continuïteit ING (‘ING Continuity Foundation’).
A call-option agreement concluded between ING Continuity
Foundation and ING Groep N.V. (‘ING Group’) vests ING Continuity
Foundation with the right to acquire cumulative preference shares
in the share capital of ING Group up to a maximum of 4.5 billion
cumulative preference shares. The acquisition of cumulative
preference shares by ING Continuity Foundation is subject to
the restriction that, immediately after the issue of cumulative
preference shares, the total amount of cumulative preference
shares may not exceed one third of the total issued share capital
of ING Group. If new shares other than cumulative preference
shares are subsequently issued, ING Continuity Foundation may
again exercise its right, subject to the provisions of the preceding
sentence. On acquisition of cumulative preference shares, at least
25% of the nominal value must be paid up on said shares.
In 2008 the Board of ING Continuity Foundation (the ‘Board’)
met three times, namely on 28 January, 2 April and 3 December.
The composition of the Board is currently as follows:
Sebastian Kortmann, who was appointed chairman of the Board
as of 2 April 2008, Allard Metzelaar, who was reappointed as of
12 May 2008, Wim van Vonno and Peter Wakkie, who was
appointed as of 1 August 2008. Ad Timmermans, the former
chairman of the Board, retired as of 1 January 2008 reaching the
age limit of 70 as referred to in the Articles of Association of ING
Continuity Foundation.
All members of the Board stated that they meet the conditions
regarding independence as referred to in the Articles of
Association of ING Continuity Foundation.
AMSTERDAM, 16 MARCH 2009
BOARD OF STICHTING CONTINUITEIT ING
Report of ING Continuity Foundation