Axa (TG:AXA)
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French insurance company Axa SA (AXA) said late Wednesday that it plans to simplify its governance structure by creating a single board and combining the chief executive and chairman roles.

As a result, CEO Henri de Castries will also assume the role of chairman.

The company said the move follows a proposal from its current supervisory board chairman, Jacques de Chateauvieux. Shareholders will be asked to approve the change at Axa's annual general meeting on April 29 next year.

Under the terms of the plan, the current dual board structure, with a management and supervisory board, will be replaced with a single board.

"The modification proposed by the supervisory board will streamline operational decision-making processes to prepare the group for future challenges," the company said in a statement.

It said the change is part of a natural and ongoing review of the strategy and the internal organization of the group.

De Chateauvieux will remain a member of the new board. Denis Duverne, currently chief financial officer and a member of Axa's management board, will join the new board as deputy CEO and will continue to oversee finances.

"While the supervisory board and the management board proved their efficiency through the recent financial turmoil, the new organization proposed by the supervisory board will simplify and unify our governance," de Castries said.

Company Web site: www.axa.com

-By Digby Larner, Dow Jones Newswires; +33 1 4017 1748; digby.larner@dowjones.com