Change of Organizational Structure in Altadis.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- The Board of Altadis, meeting today, has resolved to submit to the next Shareholder's Meeting a proposal modifying the Company's Executive Structure. To this effect, the Board has decided the appointment of Jean Dominique Jean Léopold Dominique (July 30, 1930 – April 3, 2000) was a noted Haïtian journalist who spoke out against successive dictatorships. He was one of the first people in Haïti to broadcast in Kreyòl, the language spoken by most of the populace. Comolli as Chairman of the Board of Directors, and of Antonio Vazquez, who shall assume the Company's executive functions Executive functions is a term synonymous with cognitive control, and used by psychologists and neuroscientists to describe a loosely defined collection of brain processes whose role is to guide thought and behaviour in accordance with internally generated goals or plans. , as new President of the Executive Committee and Chief Executive Officer of Altadis Group. The Board has also decided that two Board members, to be appointed, will serve as Vice-Chairmen of the Board. It was further resolved to submit to the Shareholder's Meeting a proposal to create a new Strategic, Ethical and Good Governance The terms governance and good governance are increasingly being used in development literature. Governance describes the process of decision-making and the process by which decisions are implemented (or not implemented). Committee, in addition to the already existing Audit and Control, and Appointment and Compensation Committees. The Chairman of the Board, Jean Dominique Comolli will chair such new Committee that will also be made up, among others, by the two Vice-Chairmen and by the Group 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. , Antonio Vazquez. With regard to this new Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Structure, the Board has stated: "After the initial five years phase following the merger, which involved a dual corporate governance structure with two co-executive Chairmen and two sets of Board members selected based on their initial membership of the respective Boards of the merged companies, it is now strongly recommended, in the best interest of the Company, to move forward towards a governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. and management structure in line with international standards, in order to address more efficiently the significant challenges that the Company faces in the forthcoming future. The new structure is conceived on the basis of a separation of the functions, inspired from internationally accepted rules of corporate governance, through the creation of a position of a Chairman of the Board and a Group Chief Executive Officer assuming the full executive functions of the Company. The proposal is conceived in a way to preserve the diverse nature and to reinforce the multinational characteristics of the Company." |
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