BCV and the Vaud Cantonal Government, its majority shareholder, have modified their agreement governing information exchange. The Cantonal Government has also renewed the terms of office of its appointees to the Bank’s Board of Directors for another four years.
Lausanne, 9 December 2009 – BCV’s communications with the Vaud Cantonal Government are governed by an information-exchange agreement pursuant to Article 13 of the Cantonal Act Governing BCV.
The agreement, first enacted on 13 September 2004, has been updated with immediate effect. In addition to certain necessary formal modifications, the new agreement specifies what kind of information the Bank must provide to the Canton and how often, setting out the types and frequency of reports and meetings between the two parties.
This updated agreement ensures that the relationship between BCV and the Cantonal Government, which holds 67% of BCV's share capital, will remain as effective and transparent as possible.
In addition, the Cantonal Government has renewed the four-year terms of three of the four members it appoints to BCV’s Board of Directors: Olivier Steimer (Chairman), Luc Recordon and Paul-André Sanglard. The term of the Canton’s fourth appointee, Stephan Bachmann, began two years ago and is therefore not up for renewal.
Contacts
Christian Jacot-Descombes, Press Officer
Phone +41 79 816 99 30
E-Mail christian.jacot-descombes@bcv.ch
This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.
The above text is a translation of the original French document; only the French version is authoritative.