EssilorLuxottica’s minority shareholders lost their skirmish to secure representation on the eyewear group’s board on Thursday – but only by the narrowest of margins. A supposed peace deal was hatched: on Monday, Del Vecchio and Sagnieres agreed to hand power to two executives, one from each of the predecessor companies. That marks a huge protest given that Del Vecchio owns 32% of the company, Valoptec 4%, and roughly 75% of shareholders turned out to vote. Independent shareholders have spoken and Valoptec’s support for the weekend bargain may not endure. The business needs stability and a board that can make decisions about the group’s interests, which transcend those of Del Vecchio and Sagnieres.

Source: Washington Post May 17, 2019 07:30 UTC