At the assembly on 27 April, the delegates approve structural reform of the FMC by a large majority. The new Articles of Association are adopted and enter into force under the resolution of 9 November with 95 votes in favour and 3 against. In operational business, the collegial system (Board of Directors delegation) is replaced by an Executive Board with a President. The President is authorised to issue directives, while the other members have clearly assigned competences and are responsible for their respective departments. At a Board of Directors level, a clear separation between operational management and the Board of Directors, which acts as a strategic and supervisory body, is introduced. From June 2004, only the President of the Executive Board sits on the Board of Directors. This establishes the basis for even greater transparency and a balanced relationship between executive and supervisory bodies, while maintaining decision-making capability and efficiency at the top corporate level. Work is now also carried out on (Board of Directors) committees. The main tasks of these committees are to fulfil the Board of Directors' supervisory mandates and to conduct independent and in-depth assessments of operational matters. The following permanent committees are to be set up: Audit, Finance, Migros Retail, Human Resources Policy and Human Resources and Compensation. The ballot at FMC level is abolished. The Assembly of Delegates now becomes the supreme governing body of the FMC.
