Ad-hoc release. EADS Shareholders Approve All Resolutions For Governance Changes
27 March 2013
EADS (stock exchange symbol: EAD) has today received approval from shareholders at its Extraordinary General Meeting (EGM) in Amsterdam for a far-reaching overhaul of the company’s corporate governance structure, including the election of new directors.
Shareholders approved all 15 resolutions that are required to authorize the Completion (“Consummation”) of the Multiparty Agreement announced on 5 December 2012 that will normalize and simplify the governance of EADS. The Completion is expected to occur on 2 April 2013.
Also, the Board of Directors received authorization from shareholders to plan a repurchase of up to 15% of EADS’ outstanding share capital at a maximum price of €50 per share and to cancel shares purchased through the buyback.
Shareholders approved the appointment of the following directors to the future EADS Board of Directors: Manfred Bischoff; Ralph D. Crosby; Tom Enders (Executive Member); Hans-Peter Keitel; Hermann-Josef Lamberti; Anne Lauvergeon; Lakshmi N. Mittal; Sir John Parker; Michel Pébereau; Josep Piqué i Camps;
Denis Ranque; and Jean-Claude Trichet.
The members of the new Board of Directors will meet informally after the EGM to prepare the election of the Chairman of the Board, the nomination of the Board Committees, and adoption of its new rules. Those matters will be decided at a Board of Directors meeting immediately after the Completion of the agreement when the new Board becomes effective.
Upon Completion, it is also expected that the Board will decide whether to undertake a share buyback programme, including determining the size, timing and form of such a programme and the extent to which the Company may participate in possible core Shareholder offerings of EADS shares, based on the prevailing market conditions.
EADS is a global leader in aerospace, defence and related services. In 2012, the Group – comprising Airbus, Astrium, Cassidian and Eurocopter – generated revenues of € 56.5 billion and employed a workforce of over 140,000.
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