CB&I Comments on Dutch Court Proceedings.THE WOODLANDS, Texas -- CB&I (NYSE NYSE See: New York Stock Exchange :CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. ) today issued the following statement regarding recent court proceedings in The Netherlands. On Feb. 13, 2006, Gerald M. Glenn filed suit against the Company in the Dutch courts seeking "reinstatement Reinstatement The restoration of an insurance policy after it has lapsed for nonpayment of premiums. " to his positions as a member of the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. of Chicago Bridge & Iron Company N.V. ("N.V.") and as a member of the Managing Board of Directors of Chicago Bridge & Iron Company B.V. ("B.V."), an indirect wholly-owned subsidiary of the Company. Mr. Glenn did not seek to be reappointed as Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Glenn is a member of the Supervisory Board of N.V. whose term expires in May 2006 and a director of B.V. and continues, in his capacity as a Board member, to possess his corporate authorities and functions, which do not include Chairman, President and CEO. On Feb. 16, 2006, a scheduling hearing was held in the lawsuit brought by Mr. Glenn in The Netherlands. The hearing of the matter was indefinitely postponed by the Dutch court on the agreement of the Company to provide Mr. Glenn, in his capacity as a member of the N.V. and B.V. Boards, with a) certain documents and information related to an Audit Committee inquiry and b) in accordance with his corporate duties and responsibilities as a Board member, the same documents and information that have been made available to the other members of the N.V. and B.V. Boards. The Company has provided those documents and that information to Mr. Glenn and no further proceedings are scheduled in The Netherlands. The Dutch court has issued no ruling or order on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers of this matter, and in particular no order reinstating Mr. Glenn as President and CEO or that could be interpreted to mean that Mr. Glenn is President and CEO. CB&I believes it has fully complied with all aspects of the agreements reached in connection with the Dutch court proceedings. CB&I executes on average more than 700 projects each year and is one of the world's leading engineering, procurement and construction  The introduction to this article is vague. To comply with Wikipedia's guidelines, it should be improved. (EPC (1) (Entertainment PC) See HTPC.(2) (Electronic Product Code) A standard code for RFID tags administered by EPCglobal Inc. (www.epcglobalinc.org). ) companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and approximately 11,000 employees throughout the world, CB&I capitalizes on its global expertise and local knowledge to safely and reliably deliver projects virtually anywhere. Information about CB&I is available at www.CBI.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion