Nexans’ Shareholders’ Meetings - Appointment of Hubert Porte as new director - Update of Nexans bylaws regarding the exercise of voting rights
Paris, November 10, 2011 - The Nexans Combined General Shareholders’ Meeting and the special meeting of the holders of double voting rights, both chaired by Frédéric Vincent, Chairman and CEO, were held in Paris on November 10, 2011.
These meetings were called in accordance with Nexans undertakings under the agreement signed with Madeco on March 27, 2011 to strengthen Madeco’s position as the Group’s main shareholder through the increase of its ownership from 9% to 20% of the share capital.
All resolutions proposed to the shareholders have been approved. The detailed results of the vote are available online on Nexans’ website www.nexans.com/nov10meetings.
The shareholders approved resolutions related to the following subjects:
- the appointment of a third Madeco representative to the Board of Directors, namely Mr. Hubert Porte*, and
- the update of the clauses in the Nexans bylaws regarding the use of voting rights, and in particular the cancellation of the statutory 8% voting limitation applicable to any shareholder at shareholders meetings, replaced by the introduction of a 20% statutory limitation of voting rights, applicable only to certain resolutions concerning strategic transactions.
Moreover, in accordance with the same agreement, Madeco has requested the appointment of Francisco Pérez, member of the Board since May 31, 2011, at the Appointments and Compensation Committee, in lieu of his participation to the Accounts and Audit Committee. This appointment was reviewed by the Appointments and Compensation Committee during its meeting held on November 7 and will be submitted for approval at the next Board of Directors’ meeting.
* Hubert Porte, 47, is Executive Chairman of Ecus Private Equity SA investment fund, which was founded in 2004 and is dedicated to investments in Chile through private equity fund Axa Capital Chile I. Hubert Porte is Chairman of the Board of Directors of Chilean companies Albia, Central Frenos and Loginsa and is member of the Board of Vitamina. He is also general partner of Latin American Asset Management Advisors Ltd (LAAMA), also founded in 2004 and currently the exclusive distributor for Chilean pension funds of Axa Investment Managers’ mutual funds and for which LAAMA currently manages over 1 billion US dollars.
(a video of presentation of Hubert Porte is available on www.nexans.com/nov10meetings)
- November 23rd, 2011: individual shareholder meeting in Toulouse
- February 8, 2012: 2011 Annual Results
With energy as the basis of its development, Nexans, worldwide expert in the cable industry, offers an extensive range of cables and cabling systems. The Group is a global player in the infrastructure, industry, building and Local Area Network markets. Nexans addresses a series of market segments: from energy, transport and telecom networks to shipbuilding, oil and gas, nuclear power, automotives, electronics, aeronautics, material handling and automation. Nexans is a responsible industrial company that regards sustainable development as integral to its global and operational strategy. Continuous innovation in products, solutions and services, employee development and engagement, and the introduction of safe industrial processes with limited environmental impact are among the key initiatives that place Nexans at the core of a sustainable future. With an industrial presence in 40 countries and commercial activities worldwide, Nexans employs 23,700 people and had sales in 2010 of 6 billion euros. Nexans is listed on NYSE Euronext Paris, compartment A. For more information, please consult www.nexans.com