SkyePharma agrees with major shareholders to appoint non-executive directors

By E. Janene Geiss

Philadelphia, March 14 - SkyePharma plc said Tuesday that following the extraordinary general meeting held March 9 at which a shareholder resolution to appoint a new director was not approved, the company said it has reached agreement with two of its major institutional investors over arrangements for the selection and appointment of two new independent, non-executive directors acceptable to both the company and those institutions.

"Although SkyePharma strives to maintain the highest standards of corporate governance, there is always room for improvement. We have noted the level of dissatisfaction about certain issues among a significant body of shareholders," Jerry Karabelas, SkyePharma's non-executive chairman, said in the release.

"We are happy to have reached agreement over a process that allows us to address these concerns to the satisfaction of all. We can now concentrate on the primary task of execution of the company's new corporate strategy, which we believe will benefit all shareholders."

Anita Skipper, head of corporate governance for Morley Fund Management, said the company and its board took an initiative to work constructively with shareholders.

SkyePharma, based in London, develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations.

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