EssilorLuxottica Board Nixes Proposed Resolution for New Member or Two

PARIS — EssilorLuxottica’s board on Wednesday voted down a proposed complementary resolution submitted by shareholders for the addition of one or two independent board members. The company said the board met “to review the proposed complementary resolutions submitted on April 18, 2019, by Valoptec, on one side, and by certain institutional investors, on the other side, for the appointment — by the May 16, 2019, general meeting — of, respectively, one additional board member and two additional board members,” EssilorLuxottica said in a statement Wednesday. “The board of directors recommended at the majority that the shareholders vote against the proposed resolution which, if approved, would result in a clear breach of the combination agreement and in a potential disruption for the activities of the board,” the company continued. The proposal had been made to help unblock the deadlock at the world’s biggest eyewear company, where management from the French and Italian factions have been clashing. As previously reported, Leonardo Del Vecchio, Luxottica’s founder, through his family holding Delfin in late March deposited a request for arbitration at the International Chamber of Commerce “to ascertain violations” to the Essilor and Luxottica merger inked in January 2017 and to the company’s corporate governance policies. EssilorLuxottica’s executive

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