EXOR N.V. announced that all the resolutions proposed by the Board of Directors to the Annual General Meeting of Shareholders (the “AGM”) held today were approved.
Among these resolutions were:
- Adoption of the EXOR N.V. 2019 annual accounts
- Remuneration report 2019
- Approval of dividend distribution of €0.43 per share
- Approval of the amended remuneration policy
- Reappointment of John Elkann as Chairman and Chief Executive Officer and reappointment of the non-executive directors
- Approval of the extension of the authorization for the repurchase of treasury shares
- Approval of the proposal for the cancellation of repurchased shares
The AGM adopted the 2019 annual accounts, expressed a positive advice with respect to the remuneration report 2019 and approved a dividend distribution of €0.43 per outstanding shares, which will result in a maximum distribution of approximately €100 million. The Exor dividend will be payable on 24 June 2020 (ex-dividend date 22 June 2020) and will be paid to shareholders of record as at 23 June 2020 (record date).
The AGM also approved to amend the remuneration policy of the Board of Directors to align it with the new statutory requirements of the EU Shareholder Rights Directive.
The AGM also reappointed Mr. Elkann as executive director with title CEO and Chairman, for a term of three years.
Additionally, the AGM reappointed for a term of three years Mr. M. Bolland as non-executive director with the title of Senior Non-Executive Director, and each of Mr. A. Agnelli, Mr. J. Bae, Ms. M. Bethell, Mrs. L. Debroux, Mrs. G. Elkann, Mr. A. Horta-Osório and Mr. A. Nasi as non-executive directors.
The AGM also approved to extend the authorization of the Board of Directors to repurchase its shares on the market. Under the authorization, the Company may purchase on the market, for 18 months from the date of the AGM, shares for a maximum number such as not to exceed the limit set by Dutch law and by the Company’s Articles of Association. The repurchase price per share will be between the nominal value of the shares and an amount of 110% of the recorded reference price on the day before each transaction. The maximum amount to be used for the repurchase of shares will be €500,000,000.
The AGM furthermore approved the possibility for the Board of Directors to cancel any ordinary shares held, or to be held, as treasury stock, in order to optimise the capital structure of the Company and to create more flexibility to manage its capital.
The voting results will be available on EXOR’s website (www.exor.com) in the next few days.
