YOGYAKARTA, Indonesia, May 27, 2005 (PRIMEZONE) -- At the Annual General Meeting of Shareholders of May 27, 2005 the shareholders of Sari Husada unanimously approved all changes proposed to the composition of the Board of Commissioners and Board of Directors. A special Committee will be appointed to ensure the Company's continued drive with respect to good corporate governance.
Composition of the Board of Commissioners
Mr. Johnny Widjaja, founder of the Company, President of the Board of the Commissioners has expressed his wish, after a service of over 33 years, not to be re-elected in this position. Mr. Widjaja will continue his activities in the Board as Vice President. Mr. Peter Kroes, currently Vice President in the Board of Commissioners has been elected as President.
Composition of the Board of Directors
The Shareholders' Meeting endorsed the appointment of Mr. Budi Isman (43) as the new President Director of the Board of Directors, as per May 27, 2005.
Mr. Budi Isman was previous Group Director Coca-Cola Bottling Indonesia. Mr. Budi Isman succeeds Soeloeng Nasoetion Hamonangan, who will retire after having served as President of the Board of Directors for a period of three years.
The Shareholders' Meeting decided not to reappoint Mr. Felix Purwadi Mulia as CFO and Vice President Director of the Board of Directors.
Good Corporate Governance
A committee will be formed consisting of members of the Board of Commissioners and the Board of Directors of Sari Husada. This committee will work toward a plan to further enhance the Good Corporate Governance. This plan will focus on the following items:
-- Board structures and Governance. Part of this will be the definition of the roles, responsibilities and liabilities of the Board of Directors and Board of Commissioners in the company.
-- General Meeting of Shareholders. Part of this item will be the definition of the procedures for the General Meeting of Shareholders, the issues of voting rights and one share, one vote
-- The Shareholders Rights and Responsibilities. This will cover the effectiveness of the company in protecting the rights of all its shareholders, including its ability to protect the value and interest of minority shareholders.
The Corporate Governance program will look into the following three dimensions:
-- 1. Regulations by the Indonesian Government
-- 2. The Indonesian Code of Corporate Governance
-- 3. The Dutch Code of Corporate Governance.
The details of the plan will be presented at the next General Meeting of Shareholders.
PT Sari Husada Tbk is the leading Indonesian manufacturer of healthy nutritional products for babies and children, with brands like: SGM, Vitalac, Vitaplus, and Lactamil.
PT Sari Husada Tbk is a subsidiary of Royal Numico N.V.