The Board of Directors decided, on 7 December 2005, to submit a proposal to the Board of Governors for the renewal of the term of office of Mr Peter Sedgwick as Vice-President and Member of the Management Committee, for a further mandate commencing on 1 January 2006.

The written procedure inviting the Board of Governors to vote on the proposed renewal was launched on 7 December 2005.

The decision to reappoint Mr Sedgwick was taken on 19 December 2005, the date on which the requisite majority of votes was reached. The term of office of Mr Sedgwick has therefore been renewed as from 1 January 2006.