An activist shareholder in the Belgian chemical giant Solvay has demanded the departure of CEO Ilham Kadri because the environmental issues they raised have not been addressed. The board of directors appears to remain completely behind the first woman.
Active contributor Bluebell Capital Partners is demanding that Solvay replace Kadri for failing to address the Rossignano plant’s environmental issues. At that Italian factory, Solvay produces soda ash, or soda. But according to Bluebell Capital Partners, Chemical waste discharged into the sea. “It is an open dump of Solvay chemical industrial waste,” Bluebell Capital Partners wrote in a letter last September.
Solvay denies it, and he has himself website Explaining that the discharges are non-toxic and harmless, and the strict environmental standards in force are fully respected. In response, Solvay’s chairman, Nicholas Boyle, said the board remains entirely behind the CEO.
Ilham Kadri has the full support of the Board of Directors as CEO. Since her appointment in 2019, she has taken bold steps to shape the company’s strategy and align the portfolio with strong sustainability trends. It has also implemented a new and ambitious sustainability programme, Solvay One Planet. As a result, Solvay delivers on its promise to create value for shareholders, customers and all stakeholders.”
Earlier this year, Bluebell Capital Partners was also forced to leave Danone All Emmanuel Fabre.
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