HRD Unofficially Accepts Restructuring Plan

At an unofficial meeting of the HRD Thursday, the organization accepted the restructuring plan proposed by the prime minister-nominated committee, modifying only three points. The full and final proposal will be voted on at an HRD assembly on March 13.

The unofficial assembly examined the proposal last Thursday. During the meeting the entire proposition was accepted, with three modifications: The banks will not have a seat on the HRD board; direct elections were approved for all member organizations except the bourses and manufacturers association; and trade representation on the board will be two members per size class – large, medium and small businesses.

Instead of the banks holding a seat on the board, a bank advisory committee will be formed. The allocation of the available seat has not been decided, but it is believed that the bourses will receive an additional, third, seat. Two other, less likely, options are that the seat will be given either to the manufacturers or to the trade representatives.

The four Antwerp diamond bourses and the manufacturers association will conduct internal elections for their board representative, rather then by an entire local industry vote. This change was reportedly received uneasily by the other organizations, which had accepted the open election concept.

In the original restructuring plan, the trade was given six seats on the board: three members representing big businesses (defined as having an annual turnover of over $100 million), two representatives of medium size businesses ($100 - $30 million annual turnover) and one representative of small businesses. The assembly decided to distribute the trade seats evenly – two representatives for each business size.

The final proposition, with a final decision on who will get the bank’s seat, will be voted on as a whole at the official HRD assembly next Monday, March 13. A two- thirds majority is required to accept the proposition.

If approved, and most signs at this point indicate that it will be, the board elections are likely to be held about a month later.