THE HEINEKEN COMPANY
4 Other provisions of the Code
We expect the study of the remuneration of Executive
Board members, which was started in 2003, to be
completed in 2004. Remuneration policy will be
determined on the basis of the study's findings. It will
not be possible until then to determine the extent to
which Heineken will apply all the best-practice provi
sions.
The Executive Board and Supervisory Board are
still considering the question of holdings of and
transactions in securities other than those of the
company by members of the Executive Board and
Supervisory Board.
According to the Corporate Governance Code, no
individual may sit on the supervisory board of more
than five Dutch listed companies, with chairmanships
counting double. Any departures from this provision
of the Code will be disclosed and explained in the
2004 annual report. Eleineken N.V.'s decision on
whether to apply this provision will also be guided by
the company's interests in terms of its ability to at
tract and retain skilled Supervisory Board members.
It is customary, as provided in Article 14,
paragraph 7, of the Articles of Association, to have
a notarial record made of the proceedings of the
general meeting of shareholders of Eleineken N.V.
The Executive Board and Supervisory Board consider
it desirable to continue this practice and the provi
sions of the Code will be applied to the extent that
they are consistent with it.
1.4 Eleineken values and principles
Eleineken's core values - respect, enjoyment and a
passion for quality - are enshrined in the nature and
culture of our company and still motivate our social
activities and our policy on corporate social responsi
bility.
Until the mid-1990s, it was left to the operating
companies in the various countries in which Eleineken
is active to interpret these values virtually entirely in
their own way. Since then, greater uniformity has
been achieved. On the basis of a review of current
policy, the experience of other multinational enter
prises and the positions taken by governmental and
non-governmental organisations, the Eleineken
Values and Principles were formulated which govern
the activities and conduct of our company around the
world. The Executive Board affirmed in 2001 that the
Values and Principles were an integral part of our
corporate strategy.
Local implementation
The Values and Principles are not a code of conduct
which has been imposed top-down and which every
one has to follow. Local dialogue is more consistent
with Eleineken's management model, which is based
on respect for cultural diversity and delegation of
responsibilities and powers. Practical implementation
is therefore decided by Eleineken operating compa
nies at local level.
General
Heineken is fully aware of the social responsibility which accompa
nies its presence in communities all over the world and conducts
itself accordingly. To safeguard the continuity of the company,
Heineken seeks to achieve superior performance in terms of financial
results, environmental protection and social policy. The company
sees investment in its employees, its brands and its breweries
as a key element in that effort. Heineken considers itself part of
the communities in which the company operates and seeks to make
a worthwhile and sustainable contribution to local communities.
Heineken is committed to achieving an excellent and sustainable
return on the capital invested by its shareholders. Heineken values
the support of all its shareholders and communicates with them
openly and frequently, promptly providing reliable financial and
other information.
Legislation and regulations
Heineken seeks to comply with legislation and regulations worldwide.
Heineken respects local cultures and adapts to local circumstances
as far as possible, without compromising the Heineken Values and
Principles or infringing local legislation and regulations.
Quality
Heineken warrants that its products are manufactured in accordance
with the most rigorous food safety standards. If any product fails to
meet those standards in all respects, Heineken will not hesitate to
take appropriate action. Only ingredients which are fit for human
consumption are used in Heineken's products.
Conduct
Reliability and integrity are fundamental to Heineken's relationships
with staff, customers and other interested parties. Heineken expects
its employees to refrain from any action which might conflict with
those requirements.
RDS SUSTA INABILITY
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