Axa Supervisory Board Approves Unitary Board Structure

French insurer Axa (AXA) Wednesday said its supervisory board has approved proposed amendments to Axa's charter that would lead to the replacement of its current dual board structure with a unitary board structure.

MAIN FACTS:

- Henri de Castries, currently Chairman of Axa's Management Board, would hold the positions of Chairman of the Board of Directors in addition to his post as CEO.

- The changes to the charter will now be submitted to a vote of shareholders at Axa's General Shareholders' Meeting on April 29.

- The intention to move to a unitary board structure was announced Oct. 7 2009.

- The Board of Directors intends to appoint a Vice-Chairman to act as the Lead Independent Director. The role and powers of the Lead Independent Director will be set forth in the Bylaws of the Board of Directors

- In addition to his other powers, the Vice-Chairman will oversee the independent directors' active participation in Axa's governance process and serve, as necessary or appropriate, as their spokesperson vis-à-vis Axa's Executive Management.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; djnews.paris@dowjones.com

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