In 2018, the Board held eight meetings. Each director’s attendance is shown in the table in section 3.1.1. Structure and composition.
The Board of Directors’ discussions, reviews, and decisions focused on the annual review of Group strategy, strategic projects (acquisitions, divestments, capital expenditures, etc.), quarterly financial reporting, approving quarterly financial statements and proposing a dividend to the AGM, Board Committees reports, corporate social responsibility and sustainability policy, risk management, compensation policy and the long-term incentive plan, Board and management succession planning, intragroup restructuring, and the reports and resolution proposals to the General Meeting.
In particular, the year 2018 was marked by the management succession process initiated by the Board of Directors and led by the Nomination Committee, with strong external support. A sub-committee called the "Search Committee" was established to be in charge of the day-to-day process. The sub-committee comprised of 3 members. The rigourous assessment, development and selection process involved:
- Definition of the CEO profile and skills based on the Group strategy and future challenges;
- Identification of internal and external candidates;
- External assessment of all candidates;
- Multiple interactions with the Board of Directors; and
- A unanimous decision by the Board of Directors and announcement on October 9 of the new CEO, Ms. Ilham Kadri. In reaching its decision, the Board considered Ms. Ilham Kadri to be the ideal candidate in light of her knowledge of Solvay's srategic markets, strong customer-focused mindset, her capacities to build a galvanizing vision to accelerate Solvay's cultural transformation and unleash its growht potential.
There were no transactions or contractual relationships in 2018 between the Group and its Board members giving rise to conflicts of interest.