NASDAQ OMX Copenhagen A/S
Finanstilsynet
Oslo Børs
6 February 2014
Company announcement:
Composition of the supervisory board after the annual general meeting 2014
Steen Hemmingsen (chairman) and Aage Tang-Andersen, who have been members of the supervisory board of Vestjysk Bank A/S since February and March 2013, have informed the supervisory board and the bank’s majority shareholder, the Danish State, that they will not accept nomination for re-election to the supervisory board at the annual general meeting of the bank on 25 March 2014.
Steen Hemmingsen states the following:
“In January 2013 I accepted a nomination for chairman of the supervisory board with very short notice due to the serious illness of the former chairman, Carsten Andersen. Prior to my election to the supervisory board in February 2013, the bank had to reduce its expectations for the result for 2012, which significantly increased the challenges of the bank’s capital base and, accordingly, the scope of work of the supervisory board. My decision to not accept nomination for re-election is due to the chairmanship being – and expectedly will continue to be – far more time consuming than expected.
Until the general meeting on 25 March 2014, Aage Tang-Andersen and I will in cooperation with the supervisory board and the management of the bank continue the work of completing of the annual report for 2013 as well as the efforts to find a long term solution to the bank’s capital base challenges. These challenges are further described in company announcements of 12 and 20 December 2013.
In addition, I will in cooperation with the supervisory board and the majority shareholder of the bank, the Danish State, assess the composition of the future supervisory board for the purpose of nominating candidates for election at the upcoming annual general meeting.
I have decided to announce my decision now to give the majority shareholder and the supervisory board an opportunity to find a replacement. The same applies for Aage Tang-Andersen, whose decision to not accept nomination for re-election also is due to the large time consumption which he finds difficult to combine with his other activities.”
Vestjysk Bank A/S
The Supervisory Board
Inquiries can be directed to: Chairman of the supervisory board Steen Hemmingsen, tel.: +45 51 46 46 33
