Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
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REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE<br />
| 69 ><br />
The appointments held by the members of the Board of Directors in other companies,<br />
in compliance with the criteria indicated above, are compatible with the appointment in<br />
<strong>Luxottica</strong> Group. With regard to the Chairman, please note that he serves four relevant<br />
roles pursuant to the above-mentioned criteria. However, after taking into consideration<br />
the fact that he does not enjoy any managing powers in the Company and that his role in<br />
Beni Stabili S.p.A. is directly related to his role in Foncière des Regions, the Board agreed<br />
that such appointments were compatible with his role in <strong>Luxottica</strong> Group.<br />
The members of the Board of Directors possess the required professionalism and<br />
experience to perform their role effectively and efficiently.<br />
It should be noted that neither the Company by-laws, nor any board resolutions, have<br />
authorized, generally or conditionally, any derogations from the non-competition clause.<br />
Executive Directors<br />
On April 27, <strong>2012</strong>, the Stockholders Meeting confirmed Mr. Leonardo Del Vecchio as<br />
Chairman of the Company. On the same date, Mr. Luigi Francavilla was confirmed as Vice<br />
Chairman, and Mr. Andrea Guerra as Chief Executive Officer.<br />
The Chairman retains the functions granted to him by law and by the Company by-laws<br />
and supervises the Internal Auditing function.<br />
Although he is not in possession of executive managing powers, the Chairman is still<br />
regarded as an executive director by virtue of his commitment to the Company and his<br />
involvement in all the relevant strategic decision-making.<br />
Through Delfin S.àr.l., the Chairman is the majority Stockholder of the Company.<br />
The Chief Executive Officer has been granted all the powers to manage the Company<br />
by virtue of the resolution adopted by the Board of Directors on April 27, <strong>2012</strong>, with the<br />
exception of the following powers:<br />
a) to approve strategic agreements and agreements with a financial value exceeding<br />
Euro 30 million, as a unit or aggregate amount - when dealing with transactions of the<br />
same nature or with a similar object, which were concluded in the same context as well<br />
as agreements requiring a commitment exceeding three years, except where the same<br />
qualify as ordinary or recurring;<br />
b) to acquire, transfer, sell or grant holdings, enterprises or business branches for a unitary<br />
or aggregate amount or value (also taking into consideration financial indebtedness)<br />
- when dealing with transactions of the same nature or with a similar object and<br />
concluded in the same context - exceeding Euro 10 million;<br />
c) to request banks, financial and commercial institutions to grant lines of credit or credit<br />
lines in general, to issue financial debt under any form, for an amount exceeding Euro<br />
15 million per transaction;<br />
d) to issue debt (other than intra-group transactions and those transactions for payment of<br />
tax and employees’ wages) on current accounts of the Company in banks and post offices,<br />
for a unitary or aggregate amount - when dealing with transactions of the same nature or<br />
with a similar object and concluded in the same context - exceeding Euro 15 million;