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Safilo Group shareholders approve 2005 financial statements
06 May '06
2 min read
The Shareholders Meeting of Safilo Group SpA, held in Padova, Settima Strada n. 15, in second call, examined and approved the company's financial statements and the Board of Directors' management report for the financial year 2005, carrying forward the company's loss equal to €7.3 million. No distribution of dividends was resolved.
The Shareholders Meeting further examined the Group's Consolidated Financial Statements as at December 31st 2005 which highlighted the good results achieved with a turnover of €1,025.3 million and profits of €3.1 million.
The Shareholders Meeting furthermore approved the reduction of the number of members of the Board of Directors from 11 to 7, in accordance with Article 14 of the Company By-Laws.
This resolution is consequent to the resignations, given on February 15th 2006 and with effect from the same date, of the four non executive directors Colin Taylor, Charles Paul Pieper, Thompson Dean and Julian Masters.
The Shareholders Meeting, based on the fact that Article 14 of the Company By-Laws states that the Board of Directors shall be composed of 7 to 15 members and being of the opinion that the current administrative body, composed of 7 members, 3 of which are independent, is perfectly able to guarantee the effective management of the company, resolved to reduce the number of the components of the Board of Directors compared to the Board identified by the previous Shareholders Meeting held on October 24th 2005, and confirmed the offices of the current members of the Board until the date of the approval of the financial statements at December 31st 2007.
The Safilo Group is leader in premium eyewear and in a leadership position in the sector of prescription, sunglasses, fashion and sports eyewear.
The Shareholders Meeting further examined the Group's Consolidated Financial Statements as at December 31st 2005 which highlighted the good results achieved with a turnover of €1,025.3 million and profits of €3.1 million.
The Shareholders Meeting furthermore approved the reduction of the number of members of the Board of Directors from 11 to 7, in accordance with Article 14 of the Company By-Laws.
This resolution is consequent to the resignations, given on February 15th 2006 and with effect from the same date, of the four non executive directors Colin Taylor, Charles Paul Pieper, Thompson Dean and Julian Masters.
The Shareholders Meeting, based on the fact that Article 14 of the Company By-Laws states that the Board of Directors shall be composed of 7 to 15 members and being of the opinion that the current administrative body, composed of 7 members, 3 of which are independent, is perfectly able to guarantee the effective management of the company, resolved to reduce the number of the components of the Board of Directors compared to the Board identified by the previous Shareholders Meeting held on October 24th 2005, and confirmed the offices of the current members of the Board until the date of the approval of the financial statements at December 31st 2007.
The Safilo Group is leader in premium eyewear and in a leadership position in the sector of prescription, sunglasses, fashion and sports eyewear.
Safilo Group SpA
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