EssilorLuxottica shareholder body propose independent director to ease deadlock

PARIS (Reuters) - Valoptec International which represents employees and former employees of Ray Ban maker EssilorLuxottica has proposed the appointment of an additional independent director to the group's board in a bid to resolve governance issues.

Reuters April 19, 2019 01:05:25 IST
EssilorLuxottica shareholder body propose independent director to ease deadlock

EssilorLuxottica shareholder body propose independent director to ease deadlock

PARIS (Reuters) - Valoptec International which represents employees and former employees of Ray Ban maker EssilorLuxottica has proposed the appointment of an additional independent director to the group's board in a bid to resolve governance issues.

Valoptec said in a statement it had submitted a draft resolution for a May 16 EssilorLuxottica shareholders meeting, to appoint British national Peter James Montagnon as independent director.

The group that resulted from a merger of French lenses producer Essilor and Italian frame manufacturer Luxottica last October, creating the world's largest eyewear maker in a 54 billion euro ($61 billion) deal, has been embroiled in a bitter dispute as each accuse the other of trying to dominate.

Valoptec said that with the appointment of Montagnon, EssilorLuxottica's board would have a greater proportion of independent directors who would be able to promote exemplary and effective governance, and constructive perspective in implementing the merger agreement.

"EssilorLuxottica combines two great businesses which are being held back by a corporate governance logjam. The first task is to resolve this impasse in everybody’s interest," Montagnon said in the statement.

(Reporting by Matthias Blamont; Writing by Bate Felix; Editing by Alexandra Hudson)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Hong Kong marks handover anniversary as national security law takes effect
World

Hong Kong marks handover anniversary as national security law takes effect

HONG KONG (Reuters) - Hong Kong authorities threw a security blanket across the city early on Wednesday, the 23rd anniversary of the former British colony's handover to Chinese rule, hours after new national security legislation took effect in the financial hub. The contentious law will punish crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison, heralding a more authoritarian era for China's freest city.

Kentucky Democrats pick ex-fighter pilot McGrath to challenge U.S. Senate leader McConnell
World

Kentucky Democrats pick ex-fighter pilot McGrath to challenge U.S. Senate leader McConnell

By Susan Cornwell (Reuters) - Former fighter pilot Amy McGrath said on Tuesday she was ready to take on Senate Republican Majority Leader Mitch McConnell after edging out a Black progressive to clinch the Democratic nomination for the seat.

World shares end stellar quarter but still down in 2020
Business

World shares end stellar quarter but still down in 2020

By Rodrigo Campos NEW YORK (Reuters) - A global stocks index rose on Tuesday and marked its largest quarterly gain since 2009 as investors continued to look for signs of an economic recovery while shrugging off data showing a rising number of COVID-19 cases. The possible return of Libyan oil production, which has been at a trickle since the start of the year, weighed on crude prices. World shares rose 18.7% this quarter, the biggest quarterly gain in 11 years, but are still down more than 7% so far this year due to a slump of 34% between Feb.