EssilorLuxottica AGM Preserves Status Quo
May 16 2019 - 11:00AM
Dow Jones News
By Cristina Roca
EssilorLuxottica SA (EL.FR) shareholders voted down a proposal
by institutional investors to appoint two new board members,
handing the Franco-Italian group a victory, albeit one dampened by
shareholders' weak support for executives' remuneration.
Wendy Evrard Lane and Jesper Brandgaard, who had been nominated
by a group of institutional shareholders, didn't garner enough
support to join the board at the company's annual general meeting
Thursday. They received 43.68% and 34.15% of votes
respectively.
EssilorLuxottica chairman and Luxottica founder Leonardo del
Vecchio's proposed remuneration passed by 57.57%, while
vice-chairman Hubert Sagnieres's pay was approved by 58.11% of
votes. The remuneration of Laurent Vacherot, chief executive of
Essilor, passed with 58.30% of votes.
Mr. Del Vecchio and Mr. Sagnieres have been locked in a
governance dispute, delaying the integration of Essilor with
Luxottica after their merger last October, and stoking investor
concern. The two warring sides reached a truce earlier this week,
saying they would drop all legal disputes, including a request for
arbitration.
The appointment of two extra board members had been put forth by
a group of institutional investors, including Comgest, Fidelity
International, Phitrust and Sycomore Asset Management, in a bid to
break the deadlock between Essilor and Luxottica, which control
eight seats on EssilorLuxottica's board.
Discussing the search for a chief executive to sit at the helm
of the new company during the AGM, Mr. Del Vecchio hinted at his
preference for an internal candidate, saying there are people
within the group who could be suitable.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
-0-
This story was translated in whole or in part from a
French-language version initially published by L'Agefi-Dow
Jones.
(END) Dow Jones Newswires
May 16, 2019 10:45 ET (14:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Essilor Luxottica (PK) (USOTC:ESLOY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Essilor Luxottica (PK) (USOTC:ESLOY)
Historical Stock Chart
From Sep 2023 to Sep 2024