Monday, July 24, 2006
Ahold is pleased to have been informed by the Dutch Government Information Service that Her Majesty Queen Beatrix has decided to sustain Ahold’s royal status.
Below is the text of the press release issued by the Government Information Service:
Ahold to keep its royal designation
Based on the advice of the Dutch Minister of Economic Affairs, Her Majesty the Queen has decided to sustain Ahold’s royal status. It has become apparent that the company has undertaken sufficient measures to prevent repetition of the accounting irregularities and to restore its reputation. This was a precondition to retaining the royal designation.
On December 12, 2005, Royal Ahold gave account of the measures the company has undertaken. The Minister of Economic Affairs assessed the information provided and took advice where appropriate from the Justice Minister, the State Secretary for Financial Affairs and the Association of Dutch Stockholders. Based on this advice, he reached the conclusion that there were no grounds for withdrawing Ahold’s royal designation.
The Queen is entitled to grant royal status to a company, association or institution. In its Royal Order Nr. 9 dated December 8, 2004, which was published in the State Gazette on December 13 of that year, regulations were announced by which royal designations can be withdrawn. The right to bear a royal designation can be withdrawn if the duly authortized party has tarnished its reputation.