Court of Appeal rules on price-sensitive info

The Court of Appeal has decided that the resignation of a board member was not to be considered as price-sensitive information. The decision (in case no. R99/266/12Sv) was delivered following a complaint by the Securities Board of The Netherlands (STE) concerning the exercise of share options by a director of the pension fund of Philips prior to the public announcement of the resignation of a leading member of the Philips executive board. The Court’s decision is contrary to the view expressed in guidelines issued by the Amsterdam Exchanges.