| New legislation has recently been adopted in the Netherlands that changes the position of board members of (the approximately 70) listed companies. From January 1 2012, a managing director who is appointed based on the articles of association of the company is no longer also an employee under Dutch law (for further details please see "The dismissal of managing directors - key issues"). This change is part of new legislation which, among other things, allows companies to opt for a one-tier board and limits the number of supervisory board positions awarded to individuals.
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