Agenda
for the Annual General Meeting of Shareholders
of Heineken N.V., to be held at Beurs van Berlage,
Damrak 243, Amsterdam on Thursday 19 April 2012
at 2:00 p.m.
Opening
1 a. Report for the financial year 2011.
b. Adoption of the financial statements for the financial year 2011.
c.
Decision on the appropriation of the balance of the income statement in
accordance with Article 12 paragraph 7 of the Company’s Articles of Association.
d. Discharge of the members of the Executive Board.
e. Discharge of the members of the Supervisory Board.
2
Authorisations
a. Authorisation of the Executive Board to acquire own shares.
b. Authorisation of the Executive Board to issue (rights to) shares.
c.
Authorisation of the Executive Board to restrict or exclude shareholders’
pre-emptive rights.
3
Amendments to the Articles of Association
4
Re-appointment of the external auditor for a period of four years
5
Composition Supervisory Board (non-binding nomination)
a. Re-appointment of Mrs. M.E. Minnick as member of the Supervisory Board.
b. Appointment of Mr. G.J. Wijers as member of the Supervisory Board.
Closing
Agenda items 1b to 5 are subject to approval of the Annual General Meeting of Shareholders.
Explanatory Notes | continued
to the agenda for the Annual General Meeting of Shareholders
of Heineken N.V., to be held on Thursday 19 April 2012
Item 1c: Decision on the appropriation of the balance
of the income statement
In 2007 a new dividend policy came into force. The new policy
reinforces the relation between dividend payment and the annual
development of net profit beia and continues to support the intention
of Heineken N.V. to preserve its independence, to maintain a healthy
financial structure and to retain sufficient earnings in order to grow
the business both organically and through acquisitions. The annual
dividend payout is 30-35 per cent of net profit beia. The interim dividend
is fixed at 40 per cent of the total dividend of the previous year.
Within the scope of the dividend policy, it is proposed to the Annual
General Meeting of Shareholders to determine the dividend for
the financial year 2011 at EUR0.83 of which EUR0.30 was paid
as interim dividend on 6 September 2011. The final dividend
of EUR0.53 per share will be made payable on 2 May 2012.
The total dividend will amount to EUR477 million.
Item 2a: Authorisation of the Executive Board to acquire
own shares
The Annual General Meeting of Shareholders held on 21 April 2011
last gave an authorisation to the Executive Board to acquire own
shares. The Annual General Meeting of Shareholders is now
requested to extend the authorisation of the Executive Board. It is
proposed that the Executive Board be authorised by the Annual
General Meeting of Shareholders, for the statutory maximum period
of 18 months, starting 19 April 2012, to acquire own shares subject
to the following conditions and with due observance of the law and
the Articles of Association:
a.
b.
c.
the maximum number of shares which may be acquired is
10 percent of the issued share capital of the Company at
any time during the authorisation;
transactions must be executed at a price between the nominal
value of the shares and 110 per cent of the opening price
quoted for the shares in the Official Price List (Officiële
Prijscourant) of Euronext Amsterdam on the date of the
transaction, or, in the absence of such a price, the latest price
quoted therein;
transactions may be executed on the stock exchange or otherwise.
The authorisation to acquire own shares may be used in connection
with the long-term variable award and short-term variable pay for
the members of the Executive Board and the long-term variable
award for senior management, but may also serve other purposes,
such as acquisitions. Pursuant to the Articles of Association,
a resolution of the Executive Board to acquire own shares is
subject to the approval of the Supervisory Board.
Item 2b: Authorisation of the Executive Board to issue
(rights to) shares.
The Annual General Meeting of Shareholders held on 21 April 2011
last gave a general authorisation to the Executive Board to issue
(rights to) shares. The Annual General Meeting of Shareholders is
now requested to extend the existing authorisation of the Executive
Board. It is proposed that the Annual General Meeting of Shareholders
authorises the Executive Board for a period of 18 months, starting
19 April 2012, to issue shares or grant rights to subscribe for shares.
The authorisation will be limited to 10 per cent of the Company’s
issued share capital, as per the date of issue.
The authorisation may be used in connection with the long-term
variable award and short-term variable pay for the members of
the Executive Board and the long-term variable award for senior
management, but may also serve other purposes, such as
acquisitions. Pursuant to the Articles of Association, a resolution
of the Executive Board to issue shares or to grant rights to subscribe
for shares is subject to approval of the Supervisory Board.
Item 2c: Authorisation of the Executive Board to restrict
or exclude shareholders’ pre-emptive rights
The Annual General Meeting of Shareholders held on 21 April 2011
last gave an authorisation to the Executive Board to restrict or exclude
shareholders’ pre-emptive rights. The Annual General Meeting of
Shareholders is now requested to extend the authorisation of the
Executive Board.
It is proposed that the Annual General Meeting of Shareholders
authorises the Executive Board for a period of 18 months, starting
19 April 2012, to restrict or exclude shareholders’ pre-emptive rights
in relation to the issue of shares or the granting of rights to subscribe
for shares.
Pursuant to the Articles of Association, a resolution of the Executive
Board to restrict or exclude shareholders’ pre-emptive rights in
relation to the issue of shares or the granting of rights to subscribe
for shares is subject to approval of the Supervisory Board.
Explanatory Notes | continued
Item 3: Amendments to the Articles of Association
The proposal to amend the Articles of Association of Heineken N.V.
mainly relates to the new conflict of interest provisions of the Act on
Management and Supervision (Wet Bestuur en Toezicht), which is
expected to come into force on 1 July 2012 and amendments to the
Giro Securities Transactions Act (Wet Giraal Effectenverkeer) which
came into force on 1 July 2011. It is, inter alia, proposed to amend
the form of the shares held as giro securities from bearer (currently
represented by one global share certificate) into registered shares. This
will imply that Euroclear Nederland will be registered in Heineken
N.V.’s shareholders register. Under the Giro Securities Transactions
Act, the account holders at securities intermediaries
(intermediairs), such as banks and investment firms, will remain
the actual shareholders (deelgenoten). The current registered
shares (which are held outside the giro system and are registered in
Heineken N.V.’s shareholders register) will continue to exist in this
form. These shares can (but do not have to) be exchanged for
registered giro securities. Under the Giro Securities Transactions
Act it is, subject to certain very specific exemptions, not possible to
exchange giro securities (whether registered or bearer) for registered
shares held outside the giro system. The amendments to the
Articles of Association are in the preliminary definitions and in the
Articles 5–13 and 15 as well as in the transitory provision at the
end of the Articles of Association.
The proposal also includes an authorisation to execute the notarial
deed of amendment. The amendment of the Articles of Association
will come into force upon execution of the notarial deed. The full text
with the proposed amendments can be obtained at the Company’s
offices. The text is also available on the Company’s website
www.theHEINEKENcompany.com
Item 4: Re-appointment of the external auditor for a period
of four years
According to the Articles of Association, Article 13 paragraph 1,
section h, the (re-) appointment of the external auditor is subject
to approval of the Annual General Meeting of Shareholders (AGM).
The external auditor, KPMG Accountants N.V. was last appointed
for a period of four years in the AGM of 17 April 2008.
A structured evaluation process was conducted and focused on the
audit assignment with regard to the consolidated financial reporting
of Heineken N.V. and audit related assurance assignments concerning
the Tax Control Framework, the development of Global Business
Services and the assurance activities related to HEINEKEN’s
Sustainability Report. The evaluation took place under the supervision
of the Executive Director Global Audit and was based on interviews
with key individuals at both group and regional level. Finance
managers of the main operating companies provided input for the
assessment by means of questionnaires. Also the Executive Board
and some members of the Audit Committee were interviewed.
The main conclusions of the assessment have been discussed with
the Executive Board and subsequently in the Audit Committee and
the Supervisory Board meetings.
In addition to the evaluation of our external auditor, we also discussed
the independence of our external auditor and the engagements
we provide to the Big 4 accounting firms, and started to streamline
their services. By streamlining their services for the Company, we will
be able to increase the effectiveness and efficiency of the services
of the Big 4 accounting firms related to for instance tax advisory
services, supporting the implementation of our strategic business
objectives and supporting activities in the development of our
governance, risk and compliance framework. Clearly defining the
roles and responsibilities of the Big 4 accounting firms the Company
will reduce costs worldwide and increase the consistency, value and
impact of their consultancy activities worldwide.
Because of the positive outcome of the evaluation of KPMG as our
external auditor, and the initiatives to further streamline the consultancy
services for accounting firms, we have chosen to continue with KPMG
as our external auditor and not to invite tender offers. The Supervisory
Board proposes to re-appoint KPMG Accountants N.V. as external
auditor for a period of four years (financial statements 2012-2015).
Explanatory Notes | continued
Item 5a: Re-appointment of Mrs. M.E. Minnick
In accordance with the Articles of Association of the Company and
the rotation schedule the Supervisory Board has made a non-binding
nomination for the re-appointment of Mrs. Mary Minnick as member
of the Supervisory Board with effect from 19 April 2012 for the
maximum period of four years (i.e. until the end of the Annual General
Meeting of Shareholders to be held in 2016). Mrs. Minnick (1959) is
an American national and was first appointed in 2008. She fits the
profile drawn up by the Supervisory Board, as set on our website. The
Supervisory Board proposes to re-appoint Mrs. Minnick in view of her
international, marketing and brand expertise. Mrs. Minnick is partner
of Lion Capital in the UK, after having completed a 23 year career
with The Coca Cola Company serving in various executive positions
in the USA and Asia. Her last position was Executive Vice President
Marketing, Strategy, R&D, packaging and environmental policies.
Mrs. Minnick has an MBA from Duke University and a BA from
Bowling Green State University.
Mrs. Minnick currently owns no shares in the Company and is
independent, as defined in the Dutch Corporate Governance Code
of December 2008.
Item 5b: Appointment of Mr. G.J. Wijers
In accordance with the Articles of Association of the Company
the Supervisory Board has made a non-binding nomination for the
appointment of Mr. Hans Wijers as member of the Supervisory
Board with effect from 19 April 2012 for the maximum period
of four years (i.e. until the end of the Annual General Meeting
of Shareholders to be held in 2016). Mr. Wijers (1951) is a Dutch
national and fits the profile drawn up by the Supervisory Board,
as set on our website. The Supervisory Board proposes to appoint
Mr. Wijers in view of his broad economic national and international
experience, his experience with consumer products and his background
in the field of relations between businesses and various
governmental authorities.
Mr. Wijers is CEO of Akzo Nobel N.V. (retiring as per April 2012).
Before joining AkzoNobel he was a senior partner and chairman
of the Dutch office of the Boston Consulting Group and served
as Minister of Economic Affairs.
He is a graduate of the University of Groningen and was Assistant
Professor of Economics at the Erasmus University of Rotterdam,
The Netherlands, where he received his PhD in economics.
Mr. Wijers has the following other directorships and functions:
– Non-Executive Director – Royal Dutch Shell PLC.
– Member of the Board of Directors – Concertgebouw N.V.
– Chairman – Natuurmonumenten
– Vice-Chairman – Young Pianist Foundation.
The number of functions complies with the Dutch Corporate
Governance Code of December 2008.
Mr. Wijers is independent, as defined in the Dutch Corporate
Governance Code of December 2008. He owns no shares
in the Company.
Also visit www.theHEINEKENcompany.com
The meeting will be audiowebcast on www.theHEINEKENcompany.com