Dexia Adjusts Its Governance to Group's Mission
OREANDA-NEWS. Having made major progress in the implementation of the orderly resolution plan approved by the European Commission in December 2012, notably by selling most of the operational entities, Dexia SA and its subsidiary Dexia Credit Local SA are now putting in place a governance suited to the Group's mission which is to manage the balance sheet wind-down in order to safeguard shareholders' interests.
The Boards of Directors of Dexia SA and of Dexia Credit Local SA, which have met today under the chairmanship of Robert de Metz, approved the following changes in Dexia Group's governance.
Appointment to the Dexia SA Board of Directors
The Board of Directors of Dexia SA has accepted the resignation of Philippe Rucheton as Director of Dexia SA, effective as of 31 December 2013.
The Board of Directors has decided to co-opt Pierre Vergnes as member of the Board of Directors of Dexia SA. Subject to the approval of the National Bank of Belgium the co-optation will take effect at the time of the above-mentioned resignation. Pierre Vergnes' definitive appointment will be submitted at the next General Shareholders' Meeting of Dexia SA.
Appointment to the Dexia Credit Local SA Board of Directors
The Board of Directors of Dexia Credit Local SA has accepted the resignations of Philippe Rucheton and Alain Clot as Directors of Dexia Credit Local SA effective as of 31 December 2013.
The Board of Directors has decided to co-opt Pierre Vergnes as member of the Board of Directors of Dexia Credit Local SA and Executive Vice-President. The co-optation will take effect at the time Philippe Rucheton's resignation becomes effective.
Dexia would like to thank Alain Clot for his contribution to the works of the Board of Directors. He has largely contributed to the creation of SFIL/CAFFIL and to the orderly resolution of the French activities of the Group.
Changes to the Dexia SA Management Board
In order to ensure that the functions represented on the Board of Directors are consistent with the Group's mission, and subject to the approval of the National Bank of Belgium, the Dexia SA Management Board has been modified as follows:
• Claude Piret will be responsible for the assets,
• BenoTt Debroise is responsible for funding and markets,
• Marc Brugiere, Group Chief Risk Officer, is responsible for risk,
• Pierre Vergnes, Group Chief Financial Officer, is responsible for finance,
• Johan Bohets is responsible for the Secretary General, Legal and Compliance.
In order to take on certain assignments and ensure a smooth transition, Philippe Rucheton will remain a member of the Management Board until 31 March 2014.
Karel De Boeck, Chief Executive Officer, remains Chairman of the Management Board. The aforementioned functions as well as audit, communication, operations and information systems, human resources and transformation report directly to him.
Dexia Credit Local Management Board SA
The composition of the Dexia Credit Local Management Board will be identical to that of the Dexia SA Management Board as of 1 January 2014.
Composition of the Group Committee of Dexia SA
In support of the Management Board, the Group Committee will include the managers of the functions communication, operations and information systems, financial management, risk quantification, measurement and reporting, human resources and transformation. The managers of the main international entities will be closely involved in the works of the Group Committee. The Auditor General will attend the Group Committee as a non-member.
Dexia Group's new governance will take effect on 1 January 2014, subject to the approval of the regulators.
Dexia thanks Philippe Rucheton particularly for his important contribution to the Group's transformation effort and the negotiation of the orderly resolution plan along with the States.