PARIS, 19-Jun-2017 — /EuropaWire/ — The combined Annual General Meeting of Shareholders of Safran (Euronext Paris: SAF) met today at the Grande Arche, Paris La Défense , under the chairmanship of Ross McInnes, Chairman of the Board of Safran.
The meeting provided a unique opportunity for the Group for information, exchange and discussion in the company of shareholders. Philippe Petitcolin, Chief Executive Officer, and Bernard Delpit, Chief Financial Officer, reviewed Safran’s activity in 2016, The Group’s annual results, the outlook for 2017 and major strategic challenges. The contemplated acquisition of Zodiac Aerospace by Safran was presented to shareholders.
Ross McInnes declared: “I am delighted with the mark of confidence of our shareholders, who approved massively the financial resolutions ensuring the advancement of our plan to acquire Zodiac Aerospace.”
All resolutions submitted for a vote by the Annual General Meeting were approved, except for resolution 4 and resolution A.
Shareholders approved notably:
- The financial statements for the fiscal year 2016 and voted for the payment of a dividend of 1.52 euros per share;
- Named as directors Odile Desforges (re-appointment), Hélène Auriol Potier, Patrick Pélata and Sophie Zurquiyah;
- Advisory on the components of 2016 compensation to the executive corporate officers as well as compensation policy applicable to them;
- Amendment of the Company’s bylaw in order to raise the age limit for serving as Chief Executive Officer or Deputy Chief Executive Officer to 68;
- Financial authorizations.
The General Meeting, with more than 90.5% of votes cast in favour, approved the amendment of the bylaws to create preference shares and authorized the Board of Directors to issue preference shares in the event of a public exchange offer, both resolutions required to implement the offer on Zodiac Aerospace.
Resolution 4 relative to related-party commitments given to the Chairman of the Board of Directors concerning pension benefits was rejected (50.3 %). The Chairman had specified that, should the resolution be rejected, he left to the Board’s discretion the matter of his being or not a beneficiary of the new defined contribution supplementary pension plan scheme.
Resolution A, proposed by an employee savings fund, included in the agenda but not recommended by the Board of Directors, to grant existing or new shares, free of consideration, to all Safran’s employees, was rejected.
The results of the vote will be published in the Finance section of the Group’s website, www.safran-group.com.
Ex-dividend date June 19, 2017
Dividend payment as from June 21, 2017
Half-year results announcement July 28, 2017
Safran is an international high-technology group and tier-1 supplier of systems and equipment in the Aerospace and Defense markets. Operating worldwide, Safran has nearly 58,000 employees and generated sales of 15.8 billion euros in 2016. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of 1.7 billion euros in 2016. Safran is listed on the Euronext Paris stock exchange, and its share is part of the CAC 40 and Euro Stoxx 50 indices.
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