As corporate fortresses go, Nestlé has always been pretty formidable. Its corporate governance blocked foreigners for years from having even the smallest voice and everybody else was limited to 3 per cent of voting rights. Thursday, however, a quiet revolution seems to have taken place on the shores of Lake Geneva when Nestlé agreed to loosen the constraints on voting rights. The threshold has now been raised to 5 per cent.

The world’s biggest food company is also making it easier for shareholders to propose resolutions, and big decisions will now be made by investors sufficiently interested to show up at annual meetings. This is not all. Peter Brabeck, the chairman and chief executive, has agreed to split his dual role and a new chief executive, Paul Bulke, takes over. Mr Brabeck, architect of the group’s success during the past decade, remains as chairman. Last but not least, directors will now serve for a more normal term of three years instead of five.