ECGS recommends shareholders of TNT Express do not re-elect the Chairman, Antony Burgmans

In December 2014, Dutch media reported that a number of shareholders (Franklin Templeton, Mackenzie, Tweedy Brown, Investec and Artisan Investments) would oppose the reappointment of Mr. Burgmans. TNT Express responded that it has not received such signal from these shareholders.

Mr. Antony Burgmans (Dutch, 68) is proposed for a further 4-year term. He has been Chairman of the Board since 2011 and is currently member of the Nomination committee (chairman) and Remuneration committee. He is considered independent by the company and by ECGS.

ECGS comments in the report that under the chairmanship of Mr. Burgmans, a number of executives arrived and left at TNT. Furthermore, the strategy was revised a number of times, and expansions in China and Brazil failed. The operational performance of TNT Express was disappointing during this period. Hence no bonuses have been paid out during the last two years since the targets were not met. Overall, the 2011-2015 period has been disappointing, and a new Chairman could give a new impulse to the Supervisory Board.

Furthermore, ECGS has concerns over the aggregate time commitments of Mr. Burgmans. Next to Chairman of TNT Express, he is Chairman of AkzoNobel and Director of BP, both listed.  Also, he is member of the supervisory board of SHV Holdings and Jumbo Supermarkten.