Compagnie Financière Richemont SA held its 2023 Annual General Meeting in Geneva. The General Assembly approved the appointments of two new non-executive directors, Fiona Druckenmiller and Bram Schot, and voted in favour of the re-appointments of all Board members who stood for re-election for a further one-year term.
All directors have been elected by a large majority of Class A votes represented in addition to the Class B votes. In addition, A – shareholders were asked to formally designate one person to serve as representative of all, A shareholders on the Board. Following the vote of A -shareholders only, Wendy Luhabe was designated as representative of the ‘A’ shareholders with a compelling majority.
The proposals to amend the Company’s Articles of Incorporation were supported by a majority of Class, A -votes represented in addition to the Class, B -votes. These amendments were made to implement the Swiss corporate law reform of 2020, which became effective in January 2023, as well as some other organisational changes.
All other matters on the agenda were approved by the shareholders, with most of them by an overwhelming majority. Specifically, the results for the year, including the proposals of the Board of Directors for the appropriation of retained earnings at 31 March 2023, were approved.
Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates Net-A-Porter, Mr Porter, The Outnet, Yoox and the OFS division. Find out more at www.richemont.com.
Richemont ‘A’ shares are listed and traded on the SIX Swiss Exchange, Richemont’s primary listing, and are included in the Swiss Market Index of leading stocks. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing.
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