Fortis board to discuss future and CEO

Belgo-Dutch financial services group Fortis is to hold a board meeting on Friday to discuss growing unease about the company’s plans to boost its balance sheet by €8bn.

According to Belgian paper De Tijd, talks are also under way about the departure of CEO Jean-Paul Votron.
A number of shareholders say Votron must go.They hold him responsible for overstating Fortis’ financial position and then announcing the share issue which led to a 20% drop in the stock price.
Dutch shareholders lobby group VEB wants Fortis to call an extraordinary general meeting and other shareholders have announced plans to make a legal claim. Talks between the VEB and Fortis which were scheduled for Thursday afternoon have been cancelled, news agency ANP reports.
Fortis’ troubles stem not only from the unease on the world financial markets but also from its €709m takeover of parts of the ABN Amro group.

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