Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
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REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE<br />
| 71 ><br />
In April 27, <strong>2012</strong>, following its appointment by the Ordinary Meeting of Stockholders, the<br />
Board of Directors verified that the independence requirements of Directors Abravanel,<br />
Cattaneo, Costamagna, Mangiagalli, Magistretti, Puccio and Reboa were met. With<br />
reference to Mario Cattaneo who, in a short time, would have been in the situation set forth<br />
under section 3.C.1.e) of the Code of Conduct which applied to the fact that Mr. Cattaneo<br />
has held the position of Director for more than nine years out the last twelve, the Board of<br />
Directors agreed not apply the aforesaid principle based on the exemplary independence<br />
of judgement deriving from the professionalism and experience of Prof. Cattaneo. The<br />
Board therefore acknowledged that seven Directors out of thirteen can be qualified as<br />
Independent Directors in accordance with the provisions of the Italian Consolidated<br />
Financial Law and the Code of Conduct. The market was informed of this fact on April 27,<br />
<strong>2012</strong>.<br />
The Board of Directors has determined that the independence requirements continued<br />
to be met on the basis of the information available and the information provided by the<br />
parties involved on February 14, 2013.<br />
The Board of Statutory Auditors has checked the evaluation carried out by the Board<br />
of Directors on the independence of the Directors based on the criteria of the Code of<br />
Conduct.<br />
During <strong>2012</strong>, on the recommendation of the Lead Independent Director Marco Reboa, a<br />
meeting solely of the independent directors was held.<br />
Appointment of Directors<br />
The Board of Directors in office was appointed by the meeting of April 27, <strong>2012</strong>.<br />
The minimum percentage of share capital required to present a list, as established by<br />
CONSOB, was equal to 1%.<br />
All thirteen of the directors in office were selected from the list submitted by the majority<br />
stockholder Delfin S.àr.l. The list and its supporting documentation, filed and published<br />
within the deadlines prescribed by law at the time of their appointment, are available for<br />
review on the Company’s website under the Governance/GM section.<br />
The appointment of the directors is regulated by article 17 of the Company by-laws (please<br />
refer to these for more information).<br />
The Board of Directors has so far deemed it unnecessary to establish a Committee for the<br />
appointment of directors due to the Company’s ownership structure.<br />
Remuneration Report<br />
The information on the remuneration paid to Directors, Auditors and other Managers<br />
with Strategic Responsibilities is provided in the Company’s Remuneration Report, as<br />
prescribed by article 123-ter of the Italian Consolidated Financial Law.