Source: http://www.yooxgroup.com/zh-hans/pages/governance/bylaws-and-articles-of-incorporation/
Timestamp: 2017-02-19 12:08:47
Document Index: 524465158

Matched Legal Cases: ['Art. 5', 'Art. 2443', 'Art. 2443', 'Art. 2443', 'Art. 2443', 'Art. 2441', 'Art. 2441', 'Art. 2441', 'Art. 2443', 'Art. 2441', 'Art. 2441', 'Art. 2441', 'Art. 2441', 'Art. 2443', 'Art. 2439', 'Art. 2443', 'Art. 2439', 'Art. 2443', 'Art. 2439', 'Art. 2443', 'Art. 2441', 'Art. 114', 'Art. 2439', 'Art. 2441', 'Art. 114', 'Art. 2439', 'Art. 2354', 'Art. 135', 'Art. 12', 'Art. 14', 'Art. 147', 'Art. 147', 'Art. 147', 'Art. 147', 'Art. 147', 'Art. 147', 'Art. 147', 'Art. 122', 'Art. 147', 'Art. 147', 'Art. 147', 'Art.147', 'Art. 147', 'Art.147', 'Art. 147', 'Art.147', 'Art. 147', 'Art. 2386', 'Art. 147', 'Art.147', 'Art. 19', 'Art. 154', 'Art. 20', 'Art. 23', 'Art. 16', 'Art. 148', 'Art. 148', 'Art. 147', 'Art. 144', 'Art. 2401', 'Art. 2349']

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“YOOX S.p.A.“
The Company has its registered office in Zola Predosa (Bologna Province).
Share capital Art. 5
The share capital amounts to Euro 621,343.32 (six hundred twenty-one thousand three hundred forty three point three-two) and is divided into 62,134,332 (sixty two million one hundred thirty four thousand three hundred thirty-two) ordinary no par value shares.
By resolution of the Extraordinary Meeting of July 31, 2000 (minutes certified by Notary Federico Rossi), as amended by the resolutions of the Extraordinary Meetings of October 25, 2000 (minutes certified by Notary Cesare Suriani), of February 26, 2002 and May 7, 2003 (minutes certified by Notary Carlo Vico), the Management Body was granted the right to increase the share capital, at one or more times, by the maximum nominal amount of Euro 14,839.24, pursuant to Art. 2443 of the Civil Code, by issuing new shares each worth Euro 0.52, with a total premium of Euro 1,311,560.52, equal to Euro 45.96 for each new share. This right was to be exercised within a maximum period of 5 (five) years as from July 31, 2002 and was exercised by the Board of Directors as specified below.
As a result of the combined resolutions of the extraordinary meetings of July 18, 2002 and December 2, 2005, the Board of Directors is granted the right, pursuant to Art. 2443, second paragraph, of the Civil Code, to increase the capital, at one or more times, over a period of five years as from July 18, 2002, by up to a maximum amount of Euro 17,555.20 (seventeen thousand five hundred and fifty-five point two zero), by issuing 33,760 ordinary registered shares each with a nominal value of Euro 0.52 (zero point five two), with a total premium of Euro 1,551,609.60 (one million five hundred and fifty-one thousand six hundred and nine point six zero).
That increase is to be allocated to a company incentive scheme.
If the increase is only partly subscribed, the capital shall be increased by an amount equal to the subscriptions received.
As a result of the combined resolutions of the extraordinary meetings of December 10, 2003 and December 2, 2005, the Board of Directors is granted the right, pursuant to Art. 2443 of the Civil Code, to increase the share capital, for consideration, at one or more time, over a maximum period of five years as from the date of the Shareholders’ Meeting of December 10, 2003, by issuing 19,669 (nineteen thousand six hundred and sixty-nine) new ordinary shares with the same characteristics as those currently in circulation, each with a nominal value of Euro 0.52 (zero point five two) and with an individual premium of Euro 45.96 (forty-five point nine six), and thus by a maximum nominal value of Euro 10,227.88 (ten thousand two hundred and twenty-seven point eight eight) and by a maximum total premium of Euro 903,987.24 (nine hundred and three thousand nine hundred and eighty-seven point two four). The newly issued shares shall enjoy the same dividend rights as those of the other shares in circulation at the time they are subscribed. These shall be issued with exclusion of the pre-emption right to which shareholders are entitled and shall be intended for the company’s employees, to be identified by the Board of Directors, and for its partners, consultants and board members, again to be identified by the Board of Directors.
As a result of the combined resolutions of the extraordinary meetings of December 2, 2005 and July 12, 2007, the Board of Directors is granted the right, pursuant to Art. 2443 of the Civil Code, to increase the share capital, for consideration, at one or more times, over a maximum period of five years as from the date of the above first resolution, by issuing a maximum of 31,303 (thirty-one thousand three hundred and three) new ordinary shares with the same characteristics as those currently in circulation, each with a nominal value of Euro 0.52 (zero point five two) and with an individual premium of no less than Euro 58.65 (fifty-eight point sixty-five), and thus by a maximum nominal value of Euro 16,277.56 (sixteen thousand two hundred and seventy-seven point five six) and with a maximum total premium of no less than Euro 1,835,920.95 (one million eight hundred and thirty-five thousand nine hundred and twenty point nine five).
The newly issued shares shall enjoy the same dividend rights as those of the other shares in circulation at the time they are subscribed.
The increase is intended to service incentive schemes for:
* the employees of the company or of subsidiaries thereof, to be identified by the Board of Directors, and therefore excluding the pre-emption right specified in Art. 2441, eighth paragraph, of the Civil Code as regards 26,613 (twenty-six thousand six hundred and thirteen) shares each with a nominal value of Euro 0.52 (zero point five two), with an individual premium of no less than Euro 58.65 (fifty-eight point six five), and thus for a maximum nominal amount of Euro 13,838.76, with a maximum total premium of no less than Euro 1,560,852.45;
* the directors and/or project workers and/or partners of the company and/or subsidiaries thereof, and therefore excluding the pre-emption right specified in Art. 2441, fifth paragraph, of the Civil Code as regards 4,690 (four thousand six hundred and ninety) shares each with a nominal value of Euro 0.52 (zero point five two), with an individual premium of no less than Euro 58.65 (fifty-eight point six five), and thus for a maximum nominal amount of Euro 2,438.80, with a maximum total premium of no less than Euro 275,068.50;
The capital increase – or the capital increases in the case of several board resolutions – shall in all cases be divisible. The capital shall therefore be increased by an amount equal to the subscriptions received by the date specified in the board resolution or resolutions pursuant to the schemes. Individual board resolutions – as regards capital increases in accordance with incentive schemes for persons other than employees – shall be adopted in accordance with the provisions laid down in the sixth paragraph of Art. 2441 of the Civil Code, without prejudice, however, to the minimum price stipulated above.
By resolution of the extraordinary meeting of May 16, 2007, the Board of Directors was granted the right, pursuant to Art. 2443 of the Civil Code, to increase the share capital, for consideration, at one or more times, over a maximum period of five years as from the date of the above resolution, excluding the pre-emption right specified in Art. 2441, fifth and eighth paragraphs, of the Civil Code, by issuing a maximum number of 104,319 (one hundred and four thousand three hundred and nineteen) new ordinary shares with the same characteristics as those currently in circulation, each with a nominal value of Euro 0.52 (zero point five two), and thus by a maximum nominal amount of Euro 54,245.88 (fifty-four thousand two hundred and forty-five point eight eight).
Individual board resolutions shall be adopted, insofar as compatible, in accordance with the procedure set out in Art. 2441, sixth paragraph of the Civil Code, and the price shall determined by the directors at no less than Euro 59.17 (fifty-nine point one seven) for each share, and in observance of any statutory limit.
The Extraordinary Shareholders’ Meeting of September 8, 2009 resolved to increase the share capital, for consideration, in divisible form, by a maximum of Euro 62,400.00 (sixty-two thousand four hundred point zero zero) to be allocated to capital, by issuing a maximum number of 6,240,000 (six million two hundred and forty thousand) no-par-value shares, standard dividend rights, excluding the pre-emption right specified in Art. 2441, fifth paragraph, of the Civil Code, all of which shall be intended to service the Global Offering for the listing of the Company’s shares on the Mercato Telematico Azionario, possibly STAR segment, organised and managed by Borsa Italiana S.p.A..
The accounting par value of the shares being issued is fixed at Euro 0.01 (zero point zero one).
If it is not fully subscribed by the deadline of December 31, 2010, the capital increase shall be effective according to the subscriptions received by that date.
The increase was fully subscribed and the relative amount is included in the figure specified in the first paragraph of this article.
The Extraordinary Shareholders’ Meeting of September 8, 2009 resolved to increase the share capital, for consideration, in divisible form, on condition of the start of trading of the Company’s shares on the Mercato Telematico Azionario, possibly STAR segment, organised and managed by Borsa Italiana S.p.A., excluding the pre-emption right specified in Art. 2441, fifth and eighth paragraphs, of the Civil Code, the increase being intended to service the incentive scheme approved during the ordinary session of that meeting for the benefit of directors, employees and consultants.
The capital shall be increased by issuing a maximum of 4,732,000 (four million seven hundred and thirty-two thousand) new ordinary shares (as a result of the coming into effect of the split also decided in the same meeting), and thus by a total nominal amount of Euro 47,320 (forty-seven thousand three hundred and twenty), to be allocated to capital, the accounting par value being set at Euro 0.01 (zero point zero one).
The share issue price shall be calculated using the weighted average market price of the Company’s shares in the 30 trading days before the options are granted, without prejudice to any minimum price established by law or the accounting par value determined above.
If it is not fully subscribed by the deadline of December 31, 2014, the capital increase shall proceed according to the subscriptions received by that date.
The increase was partly subscribed and the relative amount is included in the figure specified in the first paragraph of this article.
At the same meeting on January 31, 2005, the Board of Directors also fully exercised the aforementioned right granted by the extraordinary meeting of July 31, 2000, as amended above, pursuant to Art. 2443 of the Civil Code, by increasing the share capital to service the stock option plan via the issue of a maximum of 1,483,924 new shares, each with an accounting par value of Euro 0.01, with a premium of Euro 0.8839 on each new share and standard dividend rights (figures updated following the bylaw amendments of September 8, 2009).
Pursuant to Art. 2439, second paragraph, of the Civil Code, the deadline for subscription was set at January 31, 2015 (figure updated following the bylaw amendment of September 8, 2009), with the provision that, if the capital increase is not fully subscribed by this date, the share capital shall be deemed to have been increased by an amount equal to the subscriptions received.
At a meeting on July 12, 2007, the Board of Directors fully exercised the aforementioned right granted by the extraordinary meeting of July 18, 2002 and amended by resolution of the extraordinary meeting of December 2, 2005, pursuant to Art. 2443 of the Civil Code, by increasing the share capital to service the stock option plan via the issue of a maximum of 1,755,520 new shares, each with an accounting par value of Euro 0.01, with a premium of Euro 0.8839 on each new share and standard dividend rights, intended for the Company’s employees or directors (figures updated following the bylaw amendment of September 8, 2009).
Pursuant to Art. 2439, second paragraph, of the Civil Code, the deadline for subscription was set at July 31, 2017, with the provision that, if the capital increase is not fully subscribed by this date, the share capital shall be deemed to have been increased by an amount equal to the subscriptions received.
At a meeting on December 1, 2008, the Board of Directors fully exercised the aforementioned right granted by the extraordinary meeting of December 10, 2003 and amended by resolution of the extraordinary meeting of December 2, 2005, pursuant to Art. 2443 of the Civil Code, by increasing the share capital to service the stock option plan via the issue of a maximum of 1,022,788 new shares, each with an accounting par value of Euro 0.01, with a premium of Euro 0.8839 on each new share and standard dividend rights, intended for the Company’s employees or directors (figures updated following the bylaw amendment of September 8, 2009).
Pursuant to Art. 2439, second paragraph, of the Civil Code, the deadline for subscription was set at December 1, 2018 (figure updated following the bylaw amendment of September 8, 2009), with the provision that, if the capital increase is not fully subscribed by this date, the share capital shall be deemed to have been increased by an amount equal to the subscriptions received.
At a meeting on September 3, 2009, the Board of Directors fully exercised the aforementioned right granted by the extraordinary meeting of December 2, 2005 and amended by resolution of the extraordinary meeting of July 12, 2005, pursuant to Art. 2443 of the Civil Code, by increasing the share capital to service the stock option plan via the issue of a maximum of 1,627,756 new shares, each with an accounting par value of Euro 0.01, with an individual premium of Euro 1.1279 and the same dividend rights as those of the other shares in circulation at the time they are subscribed (figures updated following the bylaw amendment of September 8, 2009).
In application of the preceding clause, the Extraordinary Shareholders’ Meeting of 29 June, 2012 resolved to carry out a capital increase, with payment in cash in one or more tranches, by a maximum amount of Euro 15,000.00, pursuant to Art. 2441, paragraph 4 of the Italian Civil Code and therefore with the exclusion of option rights in favour of the shareholders, through the issuing of a maximum of 1,500,000 YOOX ordinary shares with no indication of par value, having the same characteristics as the outstanding shares and with standard dividend rights, at a price – not less than the unit price of the issue – to be determined on the basis of the weighted average of the official prices recorded by YOOX ordinary shares on the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A. in the thirty trading days prior to the date of granting of the said Options. The recipients of the capital increase are the beneficiaries of the Stock Option Plan approved by the Ordinary Shareholders’ Meeting of 29 June 2012, reserved for the executive directors of YOOX pursuant to Art. 114-bis of Legislative Decree 58/1998 and to be implemented by the free granting of options (the “Options”) valid for the subscription of newly issued YOOX ordinary shares.
The deadline for subscription of the increase is set at 31 December, 2017, with the provision that if the capital increase has not been fully subscribed by this deadline, the share capital, pursuant to Art. 2439, paragraph 2 of the Italian Civil Code, shall be deemed to be increased, as of that date, by the total amount of the subscriptions received up to that moment, provided the present resolutions are subsequently recorded within the Register of Companies.
The Extraordinary Shareholders’ Meeting of 17 April 2014 voted to increase the share capital by a maximum nominal amount of Euro 5,000.00, via payment in cash, in one or more tranches, pursuant to Art. 2441, Paragraph 8 of the Italian Civil Code, and therefore with the exclusion of option rights for shareholders, pursuant to the above-mentioned legislation, via the issue of a maximum of 500,000 ordinary shares of YOOX, with no indication of par value, and having the same characteristics as the outstanding shares, with regular dividend rights, at a price – no lower than the unit price at the time of issue – to be determined as the weighted average of the official prices recorded by YOOX ordinary shares on the Mercato Telematico Azionario (screen-based equity market) organised and managed by Borsa Italiana S.p.A. in the thirty trading days before the Options referred to below are granted. The capital increase is for the beneficiaries of the Stock Option Plan, which was approved by the Ordinary Shareholders’ Meeting held on 17 April 2014, and reserved exclusively for employees of YOOX and the companies directly or indirectly controlled by it, pursuant to Art. 114-bis of Legislative Decree 58/1998. It is to be implemented via the free allocation of options (the “Options”) valid for subscription to newly issued YOOX ordinary shares.
The deadline for subscribing to the increase is set at 31 December 2020, with the proviso that if, at the expiry of this deadline, the capital increase is not fully subscribed, the share capital shall, pursuant to Art. 2439, Paragraph 2 of the Italian Civil Code be deemed to have increased, as of that date, by the total amount of the subscriptions received up to that time, provided that these resolutions have been subsequently recorded in the Register of Companies;
3. Where a resolution is made concerning the introduction or abolition of restrictions on the circulation of shares, Shareholders who did not take part in the approval of that resolution shall not have the right of withdrawal.
4. Shares are represented by share certificates in accordance with Art. 2354 of the Civil Code, but, during the entire period in which the Company’s shares are admitted for trading on a regulated market, reference shall be made to the provisions of the special laws governing financial instruments traded or intended for trading on regulated markets.
In the absence of prior calling, a Shareholders’ Meeting shall be validly convened and make valid resolutions where the entire share MNBcapital is represented and the majority of the directors in office and the majority of the statutory auditors are present.
The meeting is open to all shareholders with a voting right.Throughout the entire admission period for trading of Company shares in an Italian regulated market, legitimacy of participation in the meeting and the exercise of voting rights is certified via communication to the Company by the intermediary legally authorised to keep the accounts, on the basis of records in the intermediary’s own accounts as at the end of the accounting day on the seventh open market day preceding the date set for the meeting in the single call, and received by the Company in accordance with the law.
The Company may appoint a party to act as a proxy for shareholders at the meeting, pursuant to Art. 135-undecies of Legislative Decree 58/1998, announcing this in the notice of meeting
In order for the Shareholders’ Meeting to be validly convened, in both ordinary and extraordinary session, and for its resolutions to be valid, there must be compliance with legal provisions and with the bylaws. The running of the meeting is governed not only by legal provisions and by the bylaws but also by the specific Shareholders’ Regulation, which must be approved by the Shareholders’ Meeting. Art. 12
Board of Directors Art. 14
The Company is managed by a Board of Directors consisting of a minimum of 5 and a maximum of 15 members, in compliance with the provisions on gender balance as set out in Art. 147-ter, paragraph 1-ter, of Legislative Decree 58/1998, as introduced by Law 120 of 12 July 2011. Therefore, for the first term of office one year after the entry into force of Law 120/2011, the Board must comprise at least one-fifth of the least-represented gender, while for the two subsequent terms of office, at least one-third must be from the least-represented gender, rounded up to the nearest whole number.Directors remain in office for a period of no more than three years, which expires on the date of the Shareholders’ Meeting called to approve the financial statements for the last year of their tenure. They may be re-elected. Before making the appointments, the Shareholders’ Meeting determines the number of Directors and the term of office of the Board.All Directors must meet the requirements of eligibility, professionalism and integrity provided for by law and by other applicable provisions. Pursuant to Art. 147-ter, paragraph 4, of Legislative Decree 58/1988, at least one Director, or at least two if the Board has more than seven members, must also meet the requirements of independence set out therein (hereinafter “independent Director pursuant to Art. 147-ter”).
The Board of Directors is appointed by the Shareholders’ Meeting on the basis of lists, according to the procedure set out in the following paragraphs, unless otherwise specified in mandatory laws or regulations.Lists for the appointment of Directors may be presented by the outgoing Board of Directors as well as by shareholders which, at the time the list is presented, hold a stake at least equal to that determined by Consob pursuant to Art. 147-ter, paragraph 1 of Legislative Decree 58/1998 as subsequently amended and in compliance with the provisions of the Issuer Regulation approved by resolution 11971 of 14 May 1999 as subsequently amended. Ownership of the minimum shareholding is established on the basis of shares registered at the date on which the lists are submitted to the issuer; the relative certification may also be produced following submission, provided that this is within the time period indicated for publication of the lists.The lists presented by shareholders are deposited at the Company’s registered office at least 25 (twenty-five) days before the date of the Shareholders’ Meeting called to appoint the Directors, in accordance with the terms and procedures established by existing laws and regulations. If the Board of Directors presents a list, it must be deposited at the Company’s registered office at least 30 (thirty) days before the date of the Shareholders’ Meeting called to appoint the Directors, in accordance with the terms and procedures established by existing laws and regulations. The Company must also make the lists available to the public at least 21 (twenty one) days before the date of the Shareholders’ Meeting, according to procedures set out under the laws in forceThe lists must contain nominations for no more than fifteen candidates, numbered sequentially. Each list must contain and expressly indicate an independent Director pursuant to Art. 147-ter, with a sequential number no higher than seven. If the list comprises more than seven candidates, it must contain and expressly indicate a second Independent Director pursuant to Art. 147-ter. Unless such lists contain fewer than three candidates, they must ensure that the board will include both genders, such that candidates of the least-represented gender make up at least one-fifth of the total for the first term of office one year after the entry into force of Law 120/2011, and one-third of the total in the two subsequent terms of office, rounded up to the nearest whole number. Each list may also expressly indicate, where applicable, the Directors that meet the requirements of independence set out in the codes of conduct drawn up by companies managing regulated markets or by trade associations.The lists must also contain (including in the attachments):
a CV detailing the candidates’ personal and professional characteristics;
(statements in which each of the candidates accepts his/her candidacy and certifies that there are no grounds for ineligibility or incompatibility and that they meet the requirements prescribed by current laws for the office of Company Director. These statements may also include a declaration concerning whether they meet the requirements to qualify as an “independent Director pursuant to Art. 147-ter”, and, where applicable, the further requirements set out in the codes of conduct drawn up by companies managing regulated markets or by trade associations;
For the lists submitted by the shareholders, the names of the Shareholders submitting the lists, and the total percentage of shares held;
any other declaration, information and/or document provided for by law and by the applicable regulations.
Each shareholder and each group of shareholders belonging to a shareholders’ agreement as defined in Art. 122 of Legislative Decree 58/1998 as amended and supplemented, may not submit or vote for more than one list, either directly, through a third party or through a fiduciary company. A candidate may appear on one list only, or shall be deemed ineligible.
At the end of the vote, the candidates from the two lists with the most votes shall be elected, according to the following criteria: (i) from the list obtaining the greatest number of votes (hereinafter the “Majority List”), and in order of presentation, a number of Directors is taken equal to the total number of board members, as previously established by the Shareholders’ Meeting, minus one, and these candidates are elected in the numerical order indicated on the list; (ii) from the list obtaining the second greatest number of votes and which is not linked, even indirectly, to the shareholders that submitted or voted for the majority list pursuant to the applicable provisions (hereinafter the “Minority List”), one Director is taken, who is the candidate at the top of that list; however, if no independent Director pursuant to Art. 147-ter is elected from the Majority List for a board of not more than seven members, or if only one Independent Director pursuant to Art. 147-ter is elected for a board with more than seven members, the first Independent Director pursuant to Art. 147-ter indicated on the Minority List will be elected, rather than the candidate at the top of the Minority List.
Should the resulting composition of the Board not enable compliance with gender balance provisions, given their sequential order on the list, the last few candidates of the most-represented gender elected from the Majority List shall be replaced – in the number necessary to ensure compliance with the requirements – by the first few non-elected candidates of the least-represented gender on the same list. If there are not enough candidates of the least-represented gender on the Majority List to make the necessary number of replacements, the Shareholders’ Meeting shall elect the additional members by statutory majority.
If two lists receive the same number of votes, the entire Shareholders’ Meeting shall take a new vote and the candidates that obtain a simple majority shall be elected, in compliance with the allotment policy, as set out in Art.147-ter, paragraph 1-ter, of Legislative Decree 58 of 24 February 1998.
If only one list is presented, the shareholders shall vote on it, and if it obtains a relative majority, excluding abstentions, the candidates listed in sequential order, up to the number determined by the Shareholders’ Meeting, shall be elected as Directors; it being understood, however, that if the Board comprises more than seven members, the second independent Director pursuant to Art. 147-ter shall also be elected, in addition to the independent Director necessarily included in the first seven places, as long as this complies with the allotment policy set out in Art.147-ter, paragraph 1-ter of Legislative Decree 58 of 24 February 1998
If no lists are submitted, or the number of Directors elected on the basis of the lists submitted is lower than that determined by the Shareholders’ Meeting, the members of the Board of Directors are appointed by the Shareholders’ Meeting through simple majority voting, without prejudice to the obligation of the Shareholders’ Meeting to appoint the minimum number of Independent Directors pursuant to Art. 147-ter, equal to the minimum number established by law and in compliance with the allotment policy set out in Art.147-ter, paragraph 1-ter, of Legislative Decree 58 of 24 February 1998.
The Independent Directors pursuant to Art. 147-ter, indicated as such at the time of their appointment, must immediately inform the Board of Directors if they cease to fulfil the independence requirements. The Director shall lose his post if the Board no longer has the minimum number of Directors meeting the aforementioned independence requirements set by current laws.
If for any reason one or more Directors cease to hold his/her post, he/she will be replaced pursuant to Art. 2386 of the Civil Code, without prejudice to the obligation to maintain the minimum number of independent Directors pursuant to Art. 147-ter, prescribed by law, and in compliance, where possible, with the principle of minority representation and the allotment policy set out in Art.147-ter, paragraph 1-ter, of Legislative Decree 58 of 24 February 1998.The candidate elected as Chairman of the Board of Directors is the candidate indicated as such on the Majority List or on the only list submitted and approved. Otherwise, the Chairman is appointed by the shareholders’ meeting through simple majority voting, or is appointed by the management body in accordance with these Bylaws.If the majority of Directors appointed by the Shareholders’ Meeting resign or leave the board for any other reason, the term of office of the entire board will be considered to have ceased with effect from the date on which the new board is constituted. In this case, the Directors who have remained in office must urgently convene a Shareholders’ Meeting to appoint the new Board of Directors.
The Chairman or, where is he is absent or unavailable, the Chief Executive Officer, calls a meeting of the Board of Directors by sending a letter, by post, fax or another appropriate means of communication, to the home address of each Director and Statutory Auditor.
The Board of Directors is convened to meet at the registered office or elsewhere in Italy, whenever the Chairman or, where he is absent or unavailable, the Chief Executive Officer deems this necessary, or if such a meeting is requested in writing by at least one third of the directors or by the Board of Statutory Auditors or individually by each member of the latter according to the applicable statutory provisions.
Board of Directors’ meetings are chaired by the Chairman or, if he is absent or unavailable, by the single Deputy Chairman, or, if there is more than one Deputy Chairman, by the longest serving among those present, or if they have been in office the same amount of time, by the oldest among them.
If the Chairman, the single Deputy Chairman or all the Deputy Chairmen are absent or unavailable, the meeting shall be chaired by the Chief Executive Officer or, if he is absent or unavailable, by the most senior director present according to the criteria mentioned above.
If the Secretary is absent or unavailable, the Board appoints his replacement.
Resolutions are taken by a majority vote, with abstentions excluded. In the event of a tie, the person chairing the meeting shall have the casting vote.
Art. 19 The Board of Directors is invested with all powers to manage the Company, and to this end, may pass resolutions or carry out measures that it deems necessary or useful to achieve the Company’s objects, with the exception of matters reserved for the Shareholders’ Meeting by law or according to the bylaws.
2. The Board of Directors may – within the limits prescribed by law and according to the Bylaws – delegate its powers and authorities to the Executive Committee. It may also appoint one or more Chief Executive Officers to whom to delegate the above powers and authorities within the same limits.
After consulting with the Board of Statutory Auditors, the Board of Directors appoints the Chief Financial Officer, within the meaning of Art. 154-bis of Legislative Decree 58/98, and gives him sufficient resources and powers to perform the duties assigned to him.
In the appointment process, the Board will establish that the aforementioned Officer meets the requirements laid down herein and by current legislation.
Art. 20 Directors are entitled to the reimbursement of any expenses incurred in carrying out their duties. The Shareholders’ Meeting resolves on the annual remuneration of the Board of Directors, which shall remain unchanged until otherwise resolved by the Shareholders’ Meeting and which may also consist of a fixed part and a variable part, the latter conditional upon achieving certain targets. The manner in which the emoluments payable to the Board of Directors are distributed shall, where the Shareholders’ Meeting has not done so, be determined by a resolution of the Board itself.
The Board of Directors may appoint an Executive Committee and determine its duration and the number of members. The number of members of the Committee includes, as ex officio members, the Chairman, the Chief Executive Officer or Officers if more than one, where appointed.
Art. 23 In order for resolutions of the Executive Committee to be valid, the majority of its members in office must be present. Resolutions are taken by an (absolute) majority vote, excluding abstentions, and in the event of a tie, the chairman shall have the casting vote.
Responsibility for representing the Company in dealings with third parties and in court and for signing on behalf of the company lies with the Chairman or, where he is absent or unavailable, permanently or temporarily, with the Deputy Chairman or with each of the Deputy Chairmen if more than one, with the priority determined under Art. 16 paragraph 7. Responsibility also lies with the Chief Executive Officer or Officers, if appointed, within the limits of the powers delegated.
The Board may also, where necessary, appoint agents from within or outside the Company to carry out specific deeds. Board of Statutory Auditors
The Board of Statutory Auditors is made up of three standing Statutory Auditors and two alternate Statutory auditors, respecting the balance between genders pursuant to Art. 148 paragraph 1-bis of Legislative Decree 58 of 24 February 1998, as introduced by law 120 of 12 July 2011; under which for the first mandate after one year from the entry into force of law 120/2011, the Board shall include at least 1/5 of the less represented gender, while in the two subsequent mandates at least 1/3 of the members must belong to the less represented gender, with rounding, if fractional, to the greater unit.The statutory auditors’ term of office is three years, expiring on the date of the Shareholders’ Meeting called to approve the accounts of the last year of their tenure. They may be re-elected. Their remuneration is determined by the Shareholders’ Meeting upon their appointment for the entire duration of their term.
Statutory auditors must meet the requirements established by law and other applicable provisions. As regards the requirements of professionalism, the subjects and sectors of activity strictly linked to those of the Company are those of commerce, fashion and IT, as well as those regarding private law and administrative disciplines, economic disciplines and those relating to company auditing and organisation. Members of the Board of Statutory Auditors are subject to the limits on the number of management and supervisory positions held concurrently as established by CONSOB regulations.
Minority shareholders – who have no material direct or indirect connection within the meaning of Art. 148, paragraph 2, of Legislative Decree 58/1998, and related regulations – may appoint one statutory auditor, who will act as Chairman of the Board of Statutory Auditors, and one alternate auditor. Minority auditors are elected at the same time as other members of management bodies, except when they are replaced, a situation governed as set out below.
Shareholders may submit a list for the appointment of the Board of Statutory Auditors if, at the time of submission, they hold a shareholding, individually or together with other submitting shareholders, at least equal to that determined by CONSOB pursuant to Art. 147-ter, paragraph 1, of Legislative Decree 58/1988 and in compliance with the Issuers’ Regulations approved by resolution 11971 of May 14, 1999, as amended.
Lists must indicate the names of one or more candidates for the position of Statutory Auditor and one or more candidates for the position of Alternate Auditor.
Lists that, including both “standing” and “alternate” sections, have three or more candidates, must ensure the presence, in both sections, of both genders, so that candidates of the less represented gender are, for the first mandate after one year from the entry into force of law 120/2011, at least 1/5 of the total and, in the two subsequent mandates are at least a third of the total, with rounding, in case of fractional number, to the greater unit. The candidates’ names are ordered progressively in each section (Statutory Auditor section, Alternate Auditor section), and their number must not be greater than the number of auditors to be elected.
information on the identity of the shareholders presenting the lists, and their total percentage shareholding; ownership of the total shareholding is certified, also after submission of the lists, according to the terms and procedures established by the laws and regulations currently in force;
a declaration by shareholders other than those who hold, individually or jointly, a relative majority shareholding, certifying the absence of relationships pursuant to Art. 144-quinquies of the Issuers’ Regulations with the latter;
detailed information on the personal and professional characteristics of the candidates, as well as a declaration from these candidates certifying that they meet the requirements established by law and accept the candidacy, along with a list of management and control positions held in other companies;
A shareholder may neither present nor vote for more than one list, either directly, through a third party or a fiduciary company. Shareholders belonging to the same group and shareholders belonging to a shareholders’ agreement relating to the Issuer’s shares may not submit nor vote for more than one list, either directly, through a third party or a fiduciary company. Memberships and votes cast in breach of this prohibition shall not be attributed to any list. A candidate may be present on one list alone, failing which he shall be deemed ineligible.
Statutory auditors are elected as follows: (i) from the list obtaining the greatest number of votes (“majority list”), are taken, according to the order of presentation, two statutory auditors and one alternate auditor; (ii) from the list obtaining the second greatest number of votes and which is not linked, even indirectly, to the shareholders that submitted or voted for the majority list pursuant to the applicable provisions (“minority list”) are taken, according to the order of presentation, one statutory auditor, who will chair the Board of Statutory Auditors (“minority auditor”) and one alternate auditor (“minority alternate auditor”). If the composition of the resulting body or category of alternate Statutory Auditors does not allow a balance of genders, taking account of their order listed in the relevant section, the last elected in the Majority List of the most represented gender expire by the number needed to ensure compliance with the requirement, and shall be replaced by the first unelected candidates on the list and same section of the less represented gender. Shall an insufficient number of candidates of the less represented gender within the relevant section of the Majority List be available in sufficient number to enact the replacement, the Shareholders’ Meeting must elect the missing standing or alternate Statutory Auditors or integrate the body with the statutory majority, ensuring the fulfilment of the requirement.
If two lists receive the same number of votes, preference shall be given to the list submitted by shareholders with the greatest shareholding at the time the lists are submitted, or alternatively, that submitted by the greatest number of shareholders, always respecting the balance between genders in bodies of listed companies pursuant to Law 120/11.
If only one list is presented, the Shareholders’ Meeting shall vote on it, and if it obtains the relative majority of votes, without taking abstentions into account, all the candidates for the positions of standing and alternate auditor on the list shall be elected in accordance with the regulations pertaining to the gender balance in the bodies of listed companies pursuant to Law 120/11. In this case, the Chairman of the Board of Statutory Auditors shall be the first statutory auditor candidate.
If no lists are presented, the board of statutory auditors and the Chairman are appointed by the Shareholders’ Meeting through simple majority voting prescribed by law, in accordance with the regulations pertaining to the gender balance in the bodies of listed companies pursuant to Law 120/11.
Pursuant to Art. 2401, paragraph 1 of the Civil Code, the Shareholders’ Meeting appoints and replaces auditors, in compliance with the principle of mandatory minority shareholder representation and in accordance with the regulations pertaining to the gender balance in the bodies of listed companies pursuant to Law 120/11.
The net profit shown in the financial statements, minus the portion to be allocated to the legal reserve up to the limit prescribed by law, is allocated according to the resolutions taken by the Shareholders’ Meeting. Specifically, on the proposal of the Board of Directors, the Shareholders’ Meeting may vote on the formation and increase of other reserves. The board may decide to distribute interim dividends according to the procedures and forms prescribed by law. The Extraordinary Shareholders’ Meeting may vote on the allocation of earnings or reserves made up of earnings to employees of the Company or its subsidiaries through the issue, up to an amount equivalent to such earnings, of ordinary shares without any restriction or special categories of shares to be assigned individually to employees, pursuant to Art. 2349 of the Civil Code.
Winding-up – Liquidation General Provisions
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