In the new structure – which is expected among other things to produce a transparent, resolute and financiable organisation capable of leading Feyenoord back to the highest echelons of Dutch football, regular Champions League participation and a new stadium within a decade – the shares of Feyenoord Rotterdam NV will be held by two foundations: Stichting Continuïteit Feyenoord Rotterdam and Stichting Administratiekantoor Feyenoord Rotterdam.
Stichting Continuïteit Feyenoord Rotterdam will safeguard the cultural heritage of Feyenoord by means of a ‘golden share’ and priority shares. Stichting Administratiekantoor Feyenoord Rotterdam will acquire shares for the purpose of issuing share certificates to investors and other types of financers. Investors will however never be able to influence policy.
The Kerkum Commission wants the management team to be the ‘face of Feyenoord’. It will be responsible for running the company and achieving its objectives, strategy, policy and results. The management team will be accountable to the Supervisory Board and to the General Meeting of Shareholders. The new Supervisory Board will have to decide how large the management team needs to be to fulfil its tasks. The Commission itself favours a three-person management team, comprising a chief commercial officer, a chief financial officer and a managing director, who will also be responsible for football matters.
In the new setup the Supervisory Board – which will oversee the management team – will comprises five critical independent members, appointed by the General Meeting of Shareholders. Stichting Continuïteit Feyenoord Rotterdam will make a binding nomination with respect to four of those members. Sportclub Feyenoord, with playing and non-playing members, will make a binding nomination with respect to the fifth and final member. The Kerkum Commission advises the Sportclub Feyenoord to accept non-playing members, which would enable genuine supporters to have an indirect say in the appointment of one of the members of the Supervisory Board. This is currently not possible at any other professional football club in the Netherlands.
The Commission recommends that the composition of the boards of the intended shareholders Stichting Continuïteit Feyenoord Rotterdam and Stichting Administratiekantoor Feyenoord Rotterdam should guarantee their full participation in the decisions of the General Meeting of Shareholders. It will be the duty of the board of Stichting Continuïteit Feyenoord Rotterdam to represent the ‘spirit of Feyenoord’ and protect its social roots as well as providing general expertise.
The Commission feels that the new structure needs to be introduced at the earliest opportunity. Bearing in mind the opening of the transfer window in January 2007, the composition of the Supervisory Board must enable it to take the necessary steps to achieve the reorganisation. For reasons of continuity, the Commission recommends that the current Supervisory Board be replaced gradually over a period of a few months, although Gerard Kerkum did say at Monday’s press conference that he expects Jorien van den Herik to transfer his duties at Feyenoord’s GM on 11 December. The Commission has suggested that Hans Blankert be given the job of forming the new Supervisory Board.
The current management team is not the face of Feyenoord Rotterdam at this time, which has led the Commission to recommend the appointment of a Chairman of the Supervisory Board with a recognisable Feyenoord face for a transitional period of no more than twelve months, during which time, the Commission says, the whole reorganisation must be completed.
The Kerkum Comission comprises Gerard Kerkum himself, Hans Blankert, Guus de Groot, Jan de Rooij and Eddy Treijtel. Ad Kooimans acts as its secretary, while Gérard Moussault is its legal adviser. Two places were also reserved for supporters representatives, but the allied supporter groups decided to decline representatives, which the commission regrets.